I find 60 UM's just as good at maintaining local province loyalty as 100 peasants. The difference in initial training costs will pay for itself in under 8 years (30pa maintainance for UM versus 37 pa for peasants) and, even if indifferent when called into a combat situation, at least they're not quite so indifferent as the pez.

I got away with using them in the HRE campaign only because they come out at v1 from Provence and the +2 morale (plus whatever the general may confer) can make all the difference between 'lose 5 men, then rout' and usefulness as rout-chasers.

That's the exception and I hardly need to repeat the rule...