Allow me to expand the topic a bit...
The data I gathered is derived from the experimentation I did in custom battles, often while porting RTW unitsto the BI environment.
My test unit was composed by a line of greek, hoplites modded to use shield wall instead of phalanx.
Usually I pitted the line against some heavy infantry using the moon river map to test the wall front bonuses.
First rule of thumb with shield wall: Make it thick.
The units in shield wall have a pretty good defence bonus, but everything relies on the fact the wall is not broken, so 4 units deep is a good measure imho.
Once some enemy units gets too close everyone will switch to the secondary weapon if available, depriving the whole unit of the anticav bonuses.
If the enemy gets inside or flank the wall you should consider putting as much support as possible to pull the gap or deactivate the wall formation as the soldiers cannot really fight inside the wall.
Paradoxically a rear charge is less impacting, as often the rear units will turn and form a defensive line, though the morale hits for being surrounded will make a rout very likely.
That's pretty much all I can say for shield wall.
Schiltrom on the other side disappointed me a bit.
While it's very effective against cavalry, it's almost a suicidal move if you face heavy infantry, as units will stick to their primary weapon, making them very vulnerable once a close melee starts.
Add this to the fact that unlike shied wall there is no group bonus, making schiltrom a very specialist formation imho, excellent for holding bridges or gates against cav or light inf but not much more.
On open field it might have an extra use though: senda lone unit near the enemy cav, schiltrom it and you have a pretty good decoy, capable of holding enough to allow flanking actions for the freed friendly units.
I haven't tested those formations against a phalanx yet, so I'm going to port some extra units and keep experimenting.
Last detail I noticed is that once you remove phalanx spears are held by a unit in different ways, usually towards the middle of the weapon instead of bracing one end of it.
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