What to say about Farsight? For one thing, he is the only tau with any CC ability. Still not great at it, all things considered, but pretty good. Basically, a Shas'O with -1BS, +1WS, and +2I, given a plasma rifle, a shield generator, and a power weapon (it is 2D6 for vehicle armour penetration, but who cares? still only str 5, and average 12 for armour penetration), and the cost for all this is +95 points. It's his special rules that make him...unique?
+Dawn blade, decent weapon.
+Blood Brothers, Bonding knives for all! Can decrease his price when it is taken into consideration. useful.
+Ork Fighters, pretty useless, only works against one faction, and at I2 for most tau it won't do anything, but might as well have it.
-Breakaway Faction. The major reason not to take Farsight. Crisis suits become 1+ (because that matters, right?) but you can NOT have ethereals or auxiliaries (no kroot!?!) and, more importantly, Broadsides, Hammerheads, Sky rays, Piranhas, Stealth suits and pathfinders become 0-1...what? So units essential to our army (Hammerhead, Broadside, Pathfinders) are 0-1? Why? Basically everything except FW, Gun Drones, Crisis suits and Sniper teams become 0-1 or not present at all. Very bad.
-Bodyguard. I know what you're thinking "But O'Canada, how can having up to 7 bodyguards, with no penalty, be a bad thing?" the answer: Because it is very, very tempting to go with a huge bodyguard. Huge bodyguard=bad. Temptation=bad. Therefore, potential to go to huge bodyguard=bad.
Conclusion: Too expensive for his statline, makes most competitive army lists impossible, would only be worth it if he made Crisis suits troops. Avoid him.
EDIT: May actually be worth it in the new edition. His sword is now comparatively better ("ignore armour saves", so it isn't technically a power sword, so it is still ap1 against infantry), his FoC modification is now less terrifying with the chart doubling up at 2000pts, and preferred enemy is now extremely useful for the tau. I wouldn't jump on him immediately, but I am...cautiously optimistic.