As an eldar player I've heard loads of stuff about wraithlords being cheesy, but when me and Lorgar went against an ulthwe player yesterday and he took 3 wraithlords, they all died to lascannons by the second turn. After that even the legendary toughness of a fortuned seer council couldn't stand up to us.
This is perfect proof that, while people may be scared of 3 wraithlords, if you take them all out your opponent doesn't have that much of an army any more because he's spent so many points on them. This applies to any other so called cheesy stuff.
And I'd also like to repeat what was said in a WD article about the ultimate WFB (5th edition) army. The winner used about 17 snotling pump wagons, enough shamans to get the entire magic deck by turn 1 and a necromancer lord because they were just hard, plus a large core of boyz etc. He said that, even though it is virtually impossible to beat with any other army, if you put it against it's duplicate it only has a 50/50 chance of winning. This is perhaps an extreme example but it proves that you can beat any army, no matter how good it is.