It works, the secret is the loose formation. At the charge, the chariots will suffer serious casualties and rout sometimes. However if they don't rout, then they will butcher the heavy cavalry in close combat with immense speed. If you don't believe me, try it out in MP, or in a Custom game, or I can send you a match replay when 2 chariot units destroy companions/cataphracts and prodromoi (not remembering which was).
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