At 1 wound bravery 7 and 4+ save they are at risk from shooting but in hand to hand they have 2 attacks each hitting and wounding on a 3+, -1 rend and 1 damage. Swordmasters are a good unit that can deal some damage.
This causes you to forfeit your artifact and bonus command trait that you would receive if you went with just Order. The bummer being you need to go Eldritch Council in order to get the swordmasters your battle line troop. Note in the GW High Elf PDF they said an archmage is considered a high elf mage and vice versa. As you can see the high elf total comes in at 820 points and supplies you both the battle line troops and the right amount of leaders to be able to partake in a 1000 point battle.