And yet again I will say this: You cannot objectively compare 2 models in a vacuum. If you were then for the price of 10 Uruks you can get 11 Dwarves. Not a game breaking difference to start with. Now look at it practically: a warband of Ugluk and 12 Uruk Hai costs 180pts, which is the same as a warband of Gimli and 10 Dwarves - you already have a 2 model advantage. Of course Gimli is better, but Ugluk has a great special rule, 3 Might and cuts through Dwarves at the same speed as does Gimli. Now have a look at sample army lists in 500pts and you'll see that in reality Dwarves will have by far lower numbers than any decent 500pts Isengard lists:
Basic Army lists:
29 Dwarves with shield, bow or 2 handed weapon
Total 501 for 32 models. Of course you are free to play with 2 warbands and a model count of 26 (which is pretty terrible for such a slow force with no versatility whatsoever).
This can go against the most basic list of:
32 Uruk Hai with equipment
That is the simplest example, but while Dwarves can't really do any other combos, here's a bunch of things which Isengard can do:
12 Uruks with Shield
18 Orcs with Spears
498 with 39 models (advantage of at 6 models)
Sharku on a Warg
11 Warg Riders with shields
11 Uruks with Shields
12 Orcs with spears
500pts, 37 models with 12 cavalry that will annihilate the slow unsupported dwarves units.
I hope you see what I mean now.
By saying that Dwarves are underpriced, you are saying that they are overpowered, as one is exactly the same as the other. Both terms refer to a model too powerful for its price. Are Dwarves overpowered then given the above lists? Not in a million years.
Of course you can also play a following list:
36 Dwarves with equipment
504 points with 39 models
But then you're not using any of your good heroes, you're down by 3 Might compared to the Isengard list, your list is boring as hell and your list isn't going to be any good against a bunch of other good or evil lists that you may be facing. Isengard is only one of your problems, there's always a Moria force with 5 warbands in 500pts, aka. 65 models. There's always a Reaver-based Harad force that will outfight you with 3A F5 against your 1A F4 front line. There's a bunch of High Elf lists which die on 6s, kill on 6s just like you, but have higher Fight value, hence win more combats. Then there's a bunch of Mordor combos, each of 39-52 models, including stuff like a Spider Queen. Then there's even a Rohan force with Eowyn, Eomer and about 24 Riders that will give you a horrible time due to their huge movement.
Yes, a Dwarf is overpowered in a vacuum comparison to an Uruk Hai. Great, what now? Nothing, since the game has a million other factors that you need to take into account.
I do have a lot of goblins, and they have won several games, however, the fact still remains that dwarves are underpriced.
So the Dwarves are underpriced, and yet you're beating them with Goblins, but not Uruks... something's wrong here. If they were underpriced then they would have an edge on everybody, not just 1 specific model.