The musketeers are mingled directly inside the pike formation, where they proceed to shoot the enemy protected by the pikes. Same with halberds and 2-handers. It's actually a form of exploit. This sort of double-stacking is popular in M2TW since unlike the original game there are no morale penalties for intermingled units. Other popular combinations include double-stacked spear or pike units, light and heavy cavalry charging as one unit, and melee troops stacked on top of missile troops to protect them from charges. Since pikemen are pretty lame in melee itself, you're counting on their spear wall killing enough of the chargers that the pikemen will win the following swordplay anyway.
Friendly fire from missile troops has been improved considerably since RTW (not including cannon and such, which are still pretty brainless). In fact, it may have swung a little too far in the opposite direction. Your entire line musketeers will not fire if even one of them stands a chance of hitting a friendly.
Meh, if pikemen require muskets to be effective AT ALL, then those poor Swiss and Flemish pikemen must have been real idiots to have fought that way without an effective corps of gunners. If all it took to defeat a pike formation was a bunch of guys with swords attacking frontally, then their French and German knightly enemies must have been rather stupid as well not to have simply dismounted and charged them on foot. Gamewise, you might as well give muskets the defensive stakes ability and save the production cost of making so many cool-looking pikemen (each pikemen has to have at least 3 models due to armor upgrades in M2TW). Not to mention my initial problem was not so much the effectiveness of pikemen per se, but the fact that they didn't fight with pikes more often.
I think that to balance out the increased formation-keeping of the sword confiscation, the pikemen attack speed needs to be lowered some to keep it in line with other units as right now they have a turbo-attack only slightly slower than that of JHI. When you add 2 ranks, long reach and an attack strength greater than swordsmen for the best pikes, they will chew up enemies very quickly. They're actually faster than halberds, which are in turn much faster than swords. Tweaking the skeletal compensation factor down to 0.73 might do the trick.
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