I wouldn't say the Nords are overpowered. But they do definitely have the strongest infantry. I looked it up even, they have the best melee infantry stats.
Nords are meant to do heavy damage with their axes, and tear through enemy shields with them, while retaining their own.
KuroiNekouPL said:
When I'm playing campaign as Vaegir Nords are first guys to destroy... Their big shields do not give them advantage against cavalry, so I can easily beat them with pretty small losses.
In MP they're not the best too
Shield - Rhodoks have better
1H - Swadians have better
2h/polearm - Vaegirs have better
archery - Vaegirs have better
Cavalry - EVERYONE have better
Armour - I guess that Vaegir elite armour is better than Nordic banded armour.
Actually, it's more like this:
Shields: Rhodoks have better coverage and large amount of hitpoints. They're good for soaking up weak attacks, but have low resistance, unlike Nord shields, and therefore are beaten by Nords because of the axes they have. Nords have the best overall shields, Rhodoks have the most specialized ones.
1-handers: It really depends what you're looking for. The Nords have shield-ripping axes in addition to their versatile swords. Rhodoks have heavy bladed cleavers, which are very good swords overall, while having picks/maces that tear through armour better than cutting weapons. Swadians have the least specialized 1 handers in the game, and probably aren't the best.
2handers/polearms: The Nords have mediocre anti-cavalry weapons, and very very 'choppy' heavy weapons. It's debatable whether they're the best, with the Swadians having their very fast & light(for two-handers) two-handed swords, and the Vaegirs having long, even stronger(but slower) bardiches. The Rhodoks have the most specialized two-handers, varying in length, speed, and strength. The Khergits of course have their hafted blades with the nifty ability to be swung on horse-back, and the Sarranids having their versatile two-handers. The Nords have their high-damage dealing, medium speed, decent length two handed axes, which may be why theirs are perceived to be the best.
Archers: The Nords may not have the most specialized archers(in archery), but they're decent enough at what they do, and they have access to strong melee weapons, in addition to being the best archers in a melee. No, they're not as good at dead-eye bow-shooting as Vaegirs. Nor are they in general as fast as Sarranids. They cannot ride & shoot as Khergits, nor do they have access to crossbows.
Cavalry: Nord cavalry has a specific purpose, and that's skirmishing with the enemy, and weakening them however they can, while the infantry comes in to finish the enemy off. They get free javelins just for this purpose. They are in no way meant for attacking the enemy directly, unlike Khergit lancers, Swadian men-at-arms, Rhodok Horsemen, and Sarranids & Vaegirs.
The Scouts are also very useful as anti cavalry units when they go without a horse, because they have access to lances, and free javelins which are all you need to de-horse a knight. Rhodok Horsemen can be very effective too, if you know how to use them, but they're the lightest direct combat cavalry.
Armour really doesn't matter much. You buy it if you can, and all factions have access to it in varying prices & strengths.
"A true warrior needs no armour."
Had some very nice kills with throwing axes a while ago, though. A headshot at reasonable distance on someone who was in the Middle Tower in Village, and a bit later a point-blank headshot in the same tower on AWdeV. 
