This handy little gizmo (that comes in a variety of colours and sizes to suit all manner of dashing Empire heroes) must be one of the most feared and despised enchanted items in the Warhammer World. It reverses half of the effort that the enemy general has put into turning his characters in close combat heroes.
The speculum allows the bearer to swap some of his key stats with any enemy he fights in a challenge. Alas, the enemy character could refuse if he suspects you have the speculum but then his unit suffers the associated penalty (ie for refusing a challenge he must retire one of his characters from the combat).
Note : dwarfs on oath stones cannot refuse challenges - they would sooner get a gillette out and shave their beards off !
The speculum (which is basically a small mirror) allows the bearer to exchange :-
weapon skill
strength
toughness
initiative and
attacks
with his opponent.
So the idea is that you pump up a character with enough armour save and ward save as possible. Put him/her on a horse, wolf, spider, squig, boar etc (to make sure you charge into combat *) and then go off and find the hardest enemy fighter you can for a role-reversal scrap :)
Note : it's best to make sure you charge into combat so you strike first. Also the mount will boost your armour save (which you don't swap with whoever accepts your challenge)
PS. contrary to what some players think, you can charge in to issue a challenge and keep your charge benefits (page 77).
It might seem a bit vain but Van Horstmann's speculum is worth the blushes when the enemy find out that you carry a mirror into battle :)