Unique. Nazgul (3rd). May be played as a hazard creature (with one strike) or as a permanent-event. As a creature, may also be played keyed to Harondor, Imlad Morgul, Gorgoroth, and Ithilien; and may also be played at sites in these regions. If played as a permanent-event, it will remain in play until tapped during the opponent's movement/hazard phase (tapping counts against the hazard limit). When tapped, Dwar of Waw becomes a short-event and gives +1 prowess to all Wolf, Spider and Animal attacks until the end of the turn.
Its stats are pretty good, yes (3 others have them, and Hoarmurath and Uvatha have worse, with only Witch-King and Khamul better total). But those stats aren't exceptional, and there are plenty of creatures with only a few points less for prowess that can be played in many more places. Its marshalling points are the standard 5 like most Nazgul.
But its problem is the effect. Its effect is relatively mediocre, not really worthy of a Nazgul. It's better to keep it as a perm-event for use with Khamul and Witch-King/Pale Sword, or use it to draw from your sideboard during play, than as an actual play. It's a Short-event, first, though it wouldn't be too deadly otherwise. But also its effect is mediocre.
There's only one really good hazard in this category: Shelob. I agree, that's a nice combo, Dwar and Shelob with perm-event previously played and maybe a few others like Wake of War (same effect, basically, but a Long-Event) and Night (+1 prowess for all attacks with Doors of Night). Bringing Shelob up to 22, making her automatically defeat all non-modified characters (even Glorfindel) and even be almost certain to defeat a Wizard WITH The One Ring (!). So there is a use to even this ability. But overall, Dwar of Waw is the third worst Nazgul for general ability and his specific perm-event ranks nearly last (there's one or two others around that same level).
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