First, I am saying that this is a list discussion, but it only becomes that if others participate, so please feel free to provide feedback, opinion, or hate if you feel the need.
Disclaimer: I do not believe that I am an expert at this game or at this faction. These are my opinions after 2+ years of playing, and lots of games. I did not build these after other people's lists, but with most Warmachine/Hordes lists, some things work and some don't, so there the similarity is only coincidental and the lists are designed based on the way I enjoy playing.
Enough of that.
Let's start with my Morvahna2 list. Morvahna2 has been played pretty consistently as a Circle tournament warlock since her release. This isn't due to her being the shiny new tow for the army either. Pound for pound, she brings one of the best spell list/ability/feat combinations in the Circle army. I won't go into her details here, but I will talk about how they work with the list I have picked. 50pt list first:
The stalkers are my heavy hitters. There are others in the army, but between the points available, and the need to be able to do high damage, these were my best choices. The Gorax is support for giving the Stalkers Primal, and increase in strength and MAT. It also gives me a throwing option for medium and small bases if the situation arises. EDIT: Additionally, the Stalkers can pick Prowl as their Controlled Warping for a turn. This combined with Morvahna's Fog of War spell give the Stalkers, as well as the Gallows Groves stealth. Stealth is very handy when running up to ranged armies that cannot counter it.
Wolves of Orboros Max
Wolves of Orboros Chieftan/Standard
Warpborn Skinwalkers Max
Shifting Stones (x2)
The two units of stones is somewhat standard for a Circle 50 point list. Double teleport is a very useful option, plus the additional Fury management and healing comes in handy.
The Wolves of Orboros serve 2 main purposes for me. 1. 4d6 + 9 on the charge and a MAT of 10 (charge plus Carni will do a lot of damage. Gets even better if I use the CMR as well. 2. They are also good for bringing back with Morvahna's feat. They are not that tough once the get engaged, but they can do a considerable amount of damage for an 8 point unit and provide a small based model set for the feat.
Warpborn Skinwalkers are now a viable unit with the UA. Enough power to do some good damage, especially on the charge, 2 attacks with the UA, and a decent amount of damage boxes. They serve as a good jamming unit as well as a multi-wave killing machine. I usually play them on the opposite side from the Wolves, but have been testing out a front line multi-wave mix. This unit also gives me medium base options for the feat, which can be handy for blocking charge lanes, blocking enemy model movement, or for a scenario shift if they need to be in a zone or on a control point.
5 points left and this is where I am still deciding what to do. I have been testing using a unit of Tharn Bloodweavers. This is a handy unit with 8 MAT on the charge, and can be the equivalent of weapon masters against living models. They also serve as a debuff unit against upkeep spells when using Purification might not be a good idea. My second option is Wolf Lord Morraig. WLM has great synergy with the Wolves, getting +2 on the attack and an additional die on the damage roll when flanking with one of the Wolves. This means his initial attack is 13 P&S plus 5d6 on the charge, 4d6 on a cleave, and 12 P&S plus 3d6 on the mount attacks. His decent defense, great movement, and decent armor also make him valuable. As a light cav model, he also gets some good movement shenanigans that help keep him alive. I should have a decision on this in the next couple of games.
Overall I like how this list plays. It gives me good troop options, enough beasts to take down a Colossal or Gargantuan if I play it right, and good synergy with Carnivore, units with lots of attacks, and models to bring back on the feat. This is a fun list for me to play and I hope to get a good number of games in before Feast of Blades to be competitive in tournament play.
Thanks to Sam Hake for providing feedback on the initial post.