Yep, that is pretty much it. I changed my portrait after reading Grond's thread. I imagine that some of the princesses are worth fighting for and that princes might desire a king's younger daughter at times rather than the one offered to him.
I recently had a princess gain ~two stars~ of valour. I imagine she kept my general in line. She survived one or two assasination attempts, I knew getting her into sports was a good idea

No daughter of mine will get out of my household without being able to break an assassin's neck!
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