Wraithlords are psychic constructs of bone piloted by the spirit of a particularly powerful Eldar's Spirit Stone. Basically, they're the walking dead. With this in mind, I approached painting this model to be as ethereal as possible. A lot of the pieces were highlighted as if bottom-lit as opposed to a standard lighting scheme, to give a hint of 'weird' or 'other-worldly.' Also, the blade itself is a Wraithsword, an entity powered by its own spirit-stone. The sword acts like it has a mind of its own, and as such I gave it a slightly different color-scheme to make it stand out. I liked the effect of the pinkish fade on the box art for the model itself, and decided to go with a similar (but green) effect for mine.
As with most of the Eldar, I wanted this model to be as specialized as possible role-wise. I've seen a few 'lords modeled up with just guns, and I can appreciate using them in that way ... but I can't justify to myself NOT taking advantage of the model's Strength 10. Strength 10, people. Give him a Wraithsword, and he's now allowed to re-roll failed to-hit rolls. This sets him up perfectly to be a great anti-tank and anti-independent character. Strength 10 means most characters will get insta-killed. To keep him in this role, yet increase his efficiency, I've also equipped him with a Brightlance. Now, he can shoot at the same targets while he tromps over towards them.
A disadvantage of the Wraithlord is his 'wraith-sight.' The chances are small, but if he's not near a warlock/farseer, he could possibly sit and do nothing for a turn. I plan on having a squad of 10 Wraithguard accompanied by a Spiritseer in this army, and they would be the perfect squad to slog along with. Failing that, there is the Farseer himself with his retinue that he can follow around.