Problem is of course that it is not easy to determine the effectiveness of a stack. Sure, we know that a stack of 20 units of Pantodapoi won't get you far, but it is less clear how much staying power a more balanced stack has, as each unit will have its own specialised role on the battlefield. While the army Quintus uses in Magna Graecia is effective there, it is a fair assumption that it would struggle to last long in horse-archer country, even though unit replenishment is not much of a problem in the Crimea.
Sometimes space is scarce (for example bridge battles and sieges). Then you might be better of having the concentrated power of elites. Other times, space is abundant, or formations are so favourable that you don't even need the elites. If you have a few units of sphendetorai or toxotai on top of a steep hill, they'll decimate the Cretan Archers before they can even get into firing range. However, you cannot count on having advantageous terrain, unless you have established a defensive chokepoint for you to exploit.
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