Before responding please take a look at the army lists:

https://forums.totalwar.org/vb/showthread.php?t=41921


Is it just me, or does each faction seem very well balanced?

Not between factions, mind you, but each army list in and of itself. It seems like they all have great infantry and cavalry, with very few perceivable weaknesses.

Do you guys think that maybe these lists should be changed in favor of lobsiding factions toward a particular tactical power?

Perhaps China can be the middle of the road civilization, with decent infantry and cavalry, but nothing exceptional. Japan can have great attack infantry, while the Indians will use good missile troops and elephants and pathetic cavalry, so on and so on.

I'll use a 1-5 scale for each component of a faction, the goal being to make each factions average a "3". When taking each into consideration, think about the variety of units given, and the power of those units.


Example:

Krishnapur-
Melee Infantry: Average 3
Missile Infantry: Good 4
Melee Cavalry (Elephants and Chariots included, however horsemen should be poor): Good 4
Missile Cavalry: Very Poor 1
Average: 3

Khanate-
Melee Infantry: Very Poor 1
Missile Infantry: Good 4
Melee Cavalry: Good 4
Missile Cavalry: Very Good 5
Average: 3.5

Japan-
Melee Infantry: Very Good 5
Missile Infantry: Average 3
Melee Cavalry: Average 3
Missile Cavalry: Average 3
Average: 3.5

These are no representative of how the factions are now, but merely examples of what strengths a faction "should" have and the basic grading system itself. Applying this system to the current factions will give us very different results, I suggest you guys try it.

Keep in mind you're trying to make each faction have an average of three.

Good Luck.