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It's not fast enough to be attractive to add to Mech. or Armour formations, and not as attractive as Obliterators for adding to infantry garrisons (adds an AV to inf formations).
There's more to army list design than flooding the player with the best choices in every situation- what the player can't take is as important as what he can, the armies weaknesses are as necessary as it's strengths.
I like the idea of the Defiler AA version, it's not a Hunter (so not a SM clone), the defiler is a very iconic Chaos vehicle- the Defiler could quite easily mount a quad autocannon set-up or equally bulky AA gun whereas an Oblit doesn't.
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Should AA not be a niche role?
Yes, it should. You shouldn't be able to take an awesome unit...that also has decent AA thrown in. Every other army has to have units pretty much designed only to AA (Hydras, Hunters, Firestorms).
I get the feeling Chaos players have been spoilt with their Oblit AA, and feel very cold if it was lost.
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What role should Obliterators have if they are not to be AA-with-mega-benefits then?
MW FF beasts? (easily justifiable, it must be said)
It's a highly resilient infantry model with Fearless, MW CC attacks and decent firepower. Putting it out front means you get decent Armour Saves against the first firepower shots on the formation, and you discourage people engaging you in Close Combat.
How is that not worth it to bulk out a Retinue formation that Garrisons or Drop Pods (not to mention bulking out a Terminator formation.
MW FF is a bit much, the EA FF as suggested may be a compromise- but I personally think an Oblit as is now without AA for 75pts is still hardcore.
For example, I've lost count of the number of times a small retinue has recieved a large amount of firepower (often your opponent has to concentrate a lot to kill it) or been engaged, only for the Fearless Oblit to survive, like a thorn in the middle of the enemy, then to Rally- summon adequate Daemons and commit the Daemon Bomb that was the sole reason you spent everything to destroy them before they could.
Without the Oblit, that's no Fearless worry.
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The problem the arises though that you have a retinue that can't be transported (due to Oblit) but must take rhinos to shield its stalker. Probably then you will have 4 strong pred+stalker formations hiding as your AA whilst oblits with MW FF become a must have with termies or in drop pods.
Welcome to the rest of Epic's armies...
Oblits already are a must have for Termies and Drop pods.
As other's already said, Guard still take Hydras in garrison formations and brave the risks, Marines basically have to fall back on the Predator formation, as do Eldar have to fall back onto the small Falcon formation.
AA isn't a easy given like Black Legion. And most AA doesn't provide any other benefit (in terms of Fearless, awesome firepower, MW attacks, etc) than AA.
Forcing Chaos players to take AV isn't a bad thing either. It's a whole segment of the army that they seem to have missed.
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Without an AA shot, their stats are left looking pretty bland, and lacking in character.
Are you kidding, they have more Special Rules than whole armies in many cases. I reiterate that I think Chaos players have been spoilt.
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rather than the niche they'd end up with (Terminator unit with slightly better FF attack and slightly worse CC attack).
You know...Oblits...pretty much are beefed up Terminators.
Can you attach Terminators to Chaos Retinues? Are your Terminators Fearless?