This is common-sense based suspicion that cavalry, elephant charges are too powerful. Under common sense it should be understood that M:TW is a sort of "standard" to which things are compared. Cavalry is more powerful than in M:TW, this is clear. Power of mighty elephants is less so, because they weren't there previously. Are they overpowered? I don't know, never seen trained war-elephant in action, except in old Age of Empires. I remember from the history schoolbooks that they were considered rahter strategic weapon in ancient times, though sometimes unreliable.
No need to worry though, even if the mentioned units are not downgraded, because we currently know - or glanced at, based on demo - only 1/2 (half) of game content. Not known is how easily available and how costly heavy (sacred band) cavary and elephants are. It might be that the elephants cost such amounts (stage of development, controling necessery geografic regions, hiring costs, producton time, also upkeep cost?) that seeing them in action with all their potential power is rather unfrequent.
It would also be realistic that elephants would die out in harsh northern conditions - because of cold - thus limiting the extent of their power.
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