There's way too much war, that's the problem. Every faction is a genocidal blood cult that wants to raze the entirety of Calradia to the ground. If you imagine a slider between war and peace, the arrow has slid all the way over to the "war" side and broken through the frame. I'd be personally a lot more satisfied if factions actually wanted to get more prosperous and maintain peace. Faction leaders' personalities don't matter at all, the factions have no identity. Everyone wants to kill each other. It's not fun at all, it basically makes the game look like a video game in the worst way possible.
The balance should be a lot closer to peace than to war. Wars would still happen if there were actual legitimate disputes, but they shouldn't just declare war on each other over a stolen carafe of wine from a caravan like in Warband. World domination should be practically impossible on a consistent basis. Maybe you could conquer the entire map, but factions would keep coming back, new factions would form, rebellions would take place. Actually conquering the world should be a titanic task.