Playing this game a bit longer, I got to conclusion that factions are in fact very well balanced.
There's not a single faction standing out as too powerfull. Theres no uber, faction specific units, no mtw byz infantry, rome cataphracs, urbans, desert cav... And no BI axmen. Shure, cavalry are too strong, but no faction has advantage here (well there is exception in seriousy too expensive egypt cav). There are some very good unique units for some factions in certain eras, but there is always some deficiency somewhere.
You have French (high) with pikes, good cavalry, but they have weak light cav and too expensive long range and mounted archers. Moors have camels. That could give them an advantage in mounted warfare, jet no horse archers, and their cavalry is overpriced. Great example are also Scots with pikes to give them advantage over cavalry, add decent cavalry and do you have unstopable force? You could have, if they had some xbows, or at least long range archers to make opponent to atack.
I could go on and mention all factions, and each have at least one problem, that can be exploited. There are some that are too weak, already mentioned egypt, late danes & russians and probably some more. But more important is, that I realy don't see any thats too strong.
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