I managed a goblin king once on like difficulty 2 or 3. That was rough. Lucked out getting him a wyvren mount and a lot of wolf riders so I was able to find success on the charge. That, plus no undead elites or bosses is probably the only reason I was able to eek out a win.
Trolls have 3 wounds each with 3 attacks, thats 9 wounds and 9 attacks from the start. Giant's have either 5 or 6 attacks and 7 wounds. Benefit of a giant is the 9 discipline compared to a trolls 6 discipline. Overall, I picked the 'stronger' unit.
More loot, because you can spend gold on upgrades or buying new units. Also, upgrades are better for us here because I can get new spells for the Goblin Shaman.