Yeah, I was going to mention Arab Cavalry and Mounted Sergeants. They're nice, ubiquitously available and cheap, but aren't they just the same horse-type/speed as Mailed Knights or Italian Cavalry Militia? In which case I'll stick with my Mailed Knights.
As for regular Merchant Cavalry, I've only rarely used them as a last resort. The idea of building a Merchants' Guild to add cavalry recruitment to cities is great as Turkey with their Sipahis or Italy with their Militia Cavalry, but the other Westerners get a pretty bum deal.
Okay I agree that you can use pretty much any cavalry unit as the hammer to slam into the back of an engaged enemy, but Merchant Cavalry suffer from poor melee, poor charge, low morale, no lances and medium/slow speed. I've learnt to love Hobilars as England because at least they're fast and cheap, but Merchant Cavalry... I'll have to do more field tests but it ain't looking hopeful!
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