Thanks for the feedback so far guys. Let me break it down so I can formulate a detailed response:
@ Horrid: No hurry, painting is more important than posting lists anyway
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@ Ariensis:
The short range of the Shredder is what kills it for me. I'd rather have the extra poisoned shot at 24" than the blast when the enemy gets to close. The Warriors should be sitting on an objective in or near my deployment zone, and they should be fire 15 poisoned shots at whatever is in range. As such the Shredder will almost never come into play as I intend to intercept whatever comes their way before they can harm my warriors.
As for the razorflail: I quite like the look of the Shardnet (very Roman gladiatorial style - something I really like). That's the reason I took them. The other options might be more useful in game, but I did it for the looks. I could exchange one of them for something else though, I haven't assembled the second squad yet, so I'll take it into consideration.
The haywire grenade on the Archon is more of a backup security measure. I don't want him to get stuck in with a dreadnought or something and not be able to get out other than turning into paste. Besides, the list came in at 1745, so I had the 5 pts I'd not use for something else.
I like the models too much to only use 4 of them. And since they're at risk of losing a couple of guys due to crashing raiders or striking last when assaulting in cover I'd rather have the extra bodies. That way they still have some hitting power left after the initial hits. And the Archon will join a squad of Wyches most of the time, so I the Incubi need all the help they can get. If I'd run the Archon with the Incubi I'd agree with you, though.
I hope this explains the list a bit better. But it's good to get some feedback on it, so I'd really like to thank you guys for providing some. And please, feel free to add some more comments on the list.