One thing id like to add is that the caravan nerf really affects people who want to just go for a merchant style play through. For example i was not making huge amounts of money from battles, captured enemy towns & castles being awarded to me or any other sort of "lord/ruler" end game stuff.
For me most money came from caravans, workshops and personally buying & selling goods. So with the recent changes to caravans my play style has basically been neutered completely.
Now if this is all that this change amounts to it would not be that big of a deal, but still some what disappointing. The main thing that i worry about right now is that TW seems to be taking the game in a direction of "this is how you are supposed to play", where they are not supporting/rewarding non-conventional play styles (bandit leader, merchant, lone-wolf etc) and instead are quite heavily focusing on & rewarding the more "normal/mainstream" play style of raising an army almost from the start, then becoming a lord and eventually making your own kingdom etc.
This might be because they want to appeal more to the casual audience and this "normal" play style is the one that most new and casual players tend to go for. So eventually we get into this self-fulfilling/repeating loop where: TW "forces" the "normal" play style -> new/casual players like that style -> that part of the player base grows -> TW is incentivised again to push/support that style -> repeat on end.