I haven't been able to field carabine cavalry or encounter one so take this with a grain of salt. The reason why revolver cav is so devastating despite it's short range is because of it's great volume of shots it can put out in a short amount of time. They can just swoop in, quickly take multiple shots and run to safety again to reload before the enemy can react. Unles carabines can fire just as fast, I don't see them as an upgrade (eventhough they'll probably have greater range).
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