Yes, there may be a SP balance issue with spears - at least for the English. (Maybe some other factions have decent well armoured spears?) Looking at the stats, it is hard to see why you would not just go with armoured swordsmen or dismounted feudal knights. They cost only fractionally less in upkeep (the purchase cost is much higher, but that is less important apart from in MP). And while they don't have spears, their much higher defence probably means they probably can cope with cav more or less as well. Plus they can slice through most infantry and are ideal for defending towns.
I guess the English spears are just supposed to represent low grade "fodder" troops that you have to use in the early game and can get free in cities. It would be nice to have some dismounted armoured knights with anti-cav spears/lances, however. I'll swear I saw something like that in one old screenshot. I believe that was mainly how the English used their dismounted knights - as an anti-cav shield for their archers, often with cut down lances as "spears".
One historical tactic that belatedly occurred to me was using the English archer's stakes and then putting swords behind them. Would only work on the defensive though. And would the AI be crazy enough to charge them?
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