At the heart of the Word of Faith movement is the belief in the "force of faith." It is believed words can be used to manipulate the faith-force, and thus actually create what they believe Scripture promises (health and wealth). Laws supposedly governing the faith-force are said to operate independently of God's sovereign will and that God Himself is subject to these laws. This is nothing short of idolatry, turning our faith—and by extension ourselves—into god.
From here, its theology just strays further and further from Scripture: it claims that God created human beings in His literal, physical image as little gods. Before the fall, humans had the potential to call things into existence by using the faith-force. After the fall, humans took on Satan's nature and lost the ability to call things into existence. In order to correct this situation, Jesus Christ gave up His divinity and became a man, died spiritually, took Satan's nature upon Himself, went to hell, was born again, and rose from the dead with God's nature. After this, Jesus sent the Holy Spirit to replicate the Incarnation in believers so they could become little gods as God had originally intended.
Following the natural progression of these teachings, as little gods we again have the ability to manipulate the faith-force and become prosperous in all areas of life. Illness, sin, and failure are the result of a lack of faith, and are remedied by confession—claiming God's promises for oneself into existence. Simply put, the Word of Faith movement exalts man to god-status and reduces God to man-status. Needless to say, this is a false representation of what Christianity is all about. Obviously, Word of Faith teaching does not take into account what is found in Scripture. Personal revelation, not Scripture, is highly relied upon in order to come up with such absurd beliefs, which is just one more proof of its heretical nature.