Think the game is quite Balanced.
Khuzait seems like balanced now, their Horse Cavalry after 2/3 round fell fatigue and goes slower ( is that my impression).
Vlandia :, armour on the Sergeant is not the top, only 35 protection for the main infantry, cannot keep the confrontation with Legionary or various Skirmisher from Battania. Also Voulgier it's weird, has got the Voulge polearm, one H sword and another 2 H sword, but he as not shield, why having so many weapons like this?
Battania: so many people complaining cause no archers, but it's only because they want hire them, I think they are balanced atm.
Otherwise Battania in my latest games have the tendency to snowball.
Has got a solid shield wall of skirmisher and 2 HUGE block of cavalry in the both sides always.
Sturgia need help.
Has got the Heavy Axe man, the second best infantry units for me, and... stop.
Cannot play all the time of testudo, i'ts hard. The archers aren't good, and could be ok if their cavalry works.
Ok they have the Sturgian Dunkirk, a good elite cavalry like Banner knight and Cataphract, but rest an elite one, also if in the latest patch finnaly I founf more Vigla recruit who become Dunkirk after.
The standard one, is a skirmish cavalry who does not work,.
Could be good if the way to throw the javelins were improved. Also the horse seems like more fragile for being a northern horse.
In this way the result could be to occupy and engage enemy troops meanwhile infantry advance more cover.
Empire: the problem of the empire is that in the lore they are divided in 3 realms.
Each one say they has the right emperor, in this the result are to be more week for continue war between each other.
But on the paper for example, I consider the Legionary the stronger unit of all game, if compare with the winners of their own respective category.
Aserai: Aserai is ina particular situation, I think the Mameluke palace guard could be little bit improve by adding some armour.
For example they does not have any shoulder protection. Aserai has got good archers and a well shielded infantry, but needed an unit who can help to decided the outcome of a battle if well used.
Mercenary: could be interesting improve them and make them better, I found them often in the tavern of every city, but units like cavalry and Hired Blade are nothing interesting.
This could be nice for add variety and something more real to the variety and compostion of an army in game.
Also minor mercenary faction could be improved, or by equipment or skill, not only cause I when my prisoner I can recruit them, but also for add more difficulty and balance to the game.
Some of their tier 4 are like my tier 3, and same for tier 5, are more a tier 4.
One think to consider in the game is the position of each realm.
The most easy to defend are Vlandia and Khuzait, cause positioned in the extreme border, and can declare war to an enemy per time.
Empire is in the middle so sorrounded from everybody.
Aserai same way have fight on west often vs Empire,Vlandia and Battania.
On the East engaged by Souther Empire and Khuzait.
Ofc all of this are suppositions by my modest experience on this game. I played so much hours and I'm going to be to play more again.
Thank you