this works, but only if you use it right and are johnny on the spot with your triarii. The hastati don't hold their own for long, but the principes usually do the business when you send them in. The problem is that you do tend to get flanked unless your draw off some of the enemy with cav.
It seems to be a bit all or nothing - either you win quite comfortably with the principes as the killer punch on a softened enemy, or you get annhilated. Not far off what happened to most roman armies in this period.
as to phalanxes I find them quite easy to defeat with this, so long as your velites soften them up as the approach, and the heavy pila allow hastati and principes to hold them long enough for you to get your triarii or some cav, or even velites round and behind the phalanx.
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