I would say it depends on your faction & technology advances vs your opponent.
If you have ring bayonets and the enemy hasn't even researched plug bayonets, fire once and go melee. If you have musket infantry who are actually better melee types (Hindu musketeers, Cossacks? come to mind), then go to melee as fast as possible.
Cavalry can still be very good. Especially if you have lancers or other heavy cavalry. The trick is to pull them back as soon as their charge is complete. And you'll still loose a quarter or so of the men. Don't let them stay in melee with the unit they just charged, or they may get slaughtered.
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