Back from Garycon, I sat down and painted a GW Moria goblin archer captain (pics to follow) last night using the Army Painter set. The paints are smooth and cover well. The metallics are fine and the inks give a nice wash (Strong Tone is roughly equivalent to Badab Black from GW).
The color limitations aren't really much of an issue (so far). I was able to make a fairly convincing reddish skin tone with one drop each of the barbarian flesh, lava orange, and leather brown. I'd like a Tin Bitz, but I still have my GW pot for that, and it could probably mix that from the bronze, brown, and gun metal.
I am thinking about using them to speed paint some night goblins (Skull Pass), but I should probably stay focussed on the Moria project for now.