Thanks for the replies everyone. I'm not sure about my initial point anymore (that the game is balanced towards veterans). I think I haven't played it nearly enough to reach that conclusion. It's probably just a really hard game until you master a few things, then it becomes a walk in the park apparently.
I've completely ignored smithing because from what I read it's currently an exploit. I'll wait until it's more balanced.
It would also be nice if the devs figure out a different way to do promotions so that you don't end up with super elite troops so early and for almost no cost (other than wages).
Another thing I would love to see is 'formation attack/defense' where the troops act a bit more cohesively in large battles. Currently large battles can look pretty cool when armies have shield walls etc, but as soon as a charge command is given insanely choatic melee ensues.
I would still give smithing a go, while you -can- exploit it. I smith because I like creating my own unique or customized weapons. So while yes, Javelins, and Two handed weapons can sell for 10k+ Easily (I've made swords that sell for 150k) yoou -don't- have to sell them.
I made the Javelins / Swords to unlock new parts, and maybe sold 1`or 2, to cover the cost of resource / lost time trading.
Then literally just threw the rest in the trash, or gifted them to poor lords, so they could field armies again. The lords can sell to towns with out actually fully effecting the economy. The weapons just kind of disappear from their inventory and they get money. Unlike trade goods that actually have to be paid for by them (This was to keep them from bankrupting themselves / towns from large battles I believe).
Troops also used to take much much longer to upgrade successfully. Getting T5/6 was actually a time investment, but people complained and now its waaaaaay too easy, but I suppose since late game you need 100s of them easy is "better" balance wise.
A couple forced restrictions, like keeping mostly T3/4 units until you are rich, and not abusing Smithing or other money exploits makes the game a lot more fun honestly.
My current play through is a Northern Empire Legionaire, using only Infantry and Archers as a support unit. Smithing is only for creating my own weapons. Not for sale, and I'm organizing my units into "Divisions" in that I can only have 1 Elite troop, 2 T4, as "Captains" for every 17 men. Same for Archers. So it's 1 T5/2 T4/ 17 T3 = 20 men and I'm keeping my initial army quite small (40-75) until I have a town / castle to support. As of yet the king has yet to bestow one on me.