Morale was a real disappointment for me in some of the other mods out there. It seems it mostly just wasted time by making you chase after every fleeing troop on the map. Now imagine that half of them are mounted and you've got a real marathon on your hands.
I think morale, if done right, can be a real tide-turner in battles. Perhaps the battle should simply end if enemies are 'routed' or fleeing. Or, depending on your 'battle size' setting, it will just move onto the next phase after you overwhelmed or scared off the first few waves. Maybe a fraction of the troops will surrender and thus be taken as prisoners.
It would also be nice to see the 'party morale' from the Reports window directly impact the 'in-battle morale'.
The possibilities are endless.