I have used this tactic few times. Its particularly useful against massive hordes of golden peasants that have bad habbit of throwing you out of your city. Just wait until they all gather infront of your siege towers against your own shieldwall, then give your troops "fire at will". There should not be too many peasants left after some 20 seconds.
They're not too useful if they are weaker ones with arrows only, but ballista versions are ultimate killers.
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