Four termies, 8 attacks (they don't care about the charge, because of slow and purposeful), 4 hits, 2 kills.
The champ *needs* a power or chainfist to deal with dreads or multi wound ICs, and being able to "accellerate" 2-3 kills from I1 to I4 helps a lot in order to avoid power fists - he has as much punch as about three or four normal termies. Considering that a power weapon or a power weapon with daemonic strength (which also helps the fist against vehicles) costs only 3-5% compared to the whole squad, this is well worth it, IMHO. A power weapon with strength or a lightning claw without strength is only 14pts, after all (saving one point from the no longer required ccw).
If one cannot spare the points, then i think this is even a better investment than mastercrafting the fist, which is one point more expensive.