Yes, but atm the game is balanced. The only faction I haven't won with is Aztecs as I never played them. Each faction can beat each faction ... different then from RTW.
If units now get balanced some factions will become seriously overbalanced.
Ruskie's for example, as there main Infantry units (that 2 handed axe thing) can't attack cav now.
rtw isnt a measure for balance anyway.
i agree that the degree of balance is high enough for haveing some fun games.

on a competitive level the factions arent balanced (perfectly), i think.

absolute balance could only be achieved by each faction having the same unit selection.
i like having different factions with different selections, but it makes it difficult to say wether factions are balanced or not. even if they were balanced, having won once with each faction wouldnt be an evidence.