Kataphraktoi have better armor/equipment, but Hetairoi have more stamina which equals more possible charges. Furthermore I had some bad experiences with the Kataphraktoi having relatively low morale. They get routed much more easily than Hetairoi, which kind of nullifies their close combat advantage.
If I had to choose, I'd take Kataphraktoi if I need cavalry able to squish enemy infantry lines (kind of like a "Elephantes Light"); Hetairoi if I need good charging and fighting cavalry... an Alexandrinian heavy cavalry so to speak.
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