Depends on the gear. I mean, what I saw when I got her was that she's five levels above me, has better gear in some cases, and has some skills that are beyond the maximum I can get. Useful skills, too. I don't care if it did cost 80% of my wallet to get her on board; she is hellaciously worth it. Frankly, I think the only reason she doesn't completely outshine me in battle is because by the time my army arrives I've shot the horses out from underneath just about everybody (you could attach rockets to a Spirited Courser and it wouldn't go any faster) and... Well, I think most of us know what the charge of 50+ Lady Knights does to infantry.
I mean, I've heard of rolling out the red carpet, but this is ridiculous...
At any rate. Doubtless she does fall to pieces against anything above a Knight-Master, but that's in a fair fight. You know, those horrible, risky things that any sane person strives to avoid at all costs.