Given the fact that in my game Milan was one of the earliest factions to have military buildings that allow for Pikes, Musketeers, Arquebusiers etc. and they haven't build a single Handgunner yet, I'd consider them pretty weak. I've no idea why they rather recruit a bunch of Mercenary Spearmen than one Pike unit. It's also silly of them to recruit Merc Xbows and keep them forever.

Apart from that they are very offensive and often expand quickly. They're also rich and they spam you with spies and Assassins but it's not as if their units were particulary strong or their armies of decent composition....