cavalry are really good if used well. as said before they have specific roles, and you want to keep them fresh. if a battle goes long its advisable to keep them in reserve, or pull them back to rest for a while because a charge of a fresh unit and exhausted, is a big difference.
heavy cavalry, especially cataphracts are used for the frontal or flanking charge, because they can just smash into even heavy infantry blocks without taking much damage in the initial charge. try to run through the enemy or smash in and retreat to a far enough distance to charge again. light cavalry and light lancers should be used for flanking and chasing down routers only. generally you dont want any cav engaging in prolonged melee, except if its cav vs cav and you cant really outrun the enemy anyway.
i personally really like how cavalry works in EB. FM cav can win you games with charge and retreat and repeat. but if you dont use them well, then their impact is limited.
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