IMO, 15k denarii makes for the best games, with more balanced armies and spam armies are usually possible to defeat. Both sides tend to bring quite similar balanced armies, with smaller differences and the entire battle is determined on the battlefield, not during army choice. However, only romans, seleucids, parthia and egypt can hope to win a battle in a 15k denarii game.
With 12.5k denarii, armies are usually chosen so that it has one strength and most other aspects weak, and this makes factions like gauls and others able to compete with romans and the others, but in return most of the battle is determined during the army choice, which makes it more of a paper-rock-scissors game than a measure of tactics. Furthermore, not allowing artillery in combination with the 12.5k denarii limit makes for a game where spam armies all cavalry and archers are strongly favored, and can crush anything without problems. Also the spam armies with hoplites and archers tend to be impossible to beat, whereas they in 15k with onagers can be forced to move, or in 15k without onagers can be outmanouvred.
I think 15k denarii with or without artillery allowed makes for the most dynamic games, but at the cost of making many factions unplayable in mp, but I think that's the best possible. Furthermore, I think in 15k the infantry is made more important.
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