I rather like where cav is at now -- Perhaps still a little excessively vulnerable to archers. I'd like to see the horse-headshot multiplier removed or weakened to help here. Unless I'm crazy and it doesn't exist...
Anyway, I've been consistently doing very well with lancing, with only occasional couching to shield-break or on an armored target. The white arabian horse is best as long as you can keep it alive, capable of both fighting infantry and avoiding enemy cavalry. I often have to lance someone 2-4 times to get a kill, but that's what makes it fun, and challenging.
There are still some odd things, trying to use a sword is unintuitive as many have pointed out. Also, the great lance is so slow you can start the attack, horsebump someone, and then stab past their block--Sometimes keeping the momentum you had making it a kill. I've run into people managing to manual block lance thrusts from behind them, perhaps due to the strike going over their shoulder, or extending too far around the side.