After securing about 10 provinces, I find that dread is more useful than chivalry.
Reputation: At this point in game, I care little of what other factions think of me as long as I have the pope well greased. (BTW, does anyone know exactly how much the difference is in reputation for chivalrous leader vs. dread leader?)
Ease of gaining: For faction leaders, all it takes is a few turns and a handful of assassins and spies to gain almost max dread and authority. Gaining chivalry is a lot harder. Crusades take a long time (going there, securing it, coming back without stepping on anyone else's land). Always releasing prisoners, never sacking, etc., all have limits in that they're slow and non-guaranteed process. Also, if you want to keep your leader chivalrous, you can forget about using assassins and even spies to an extent.
Population bonus: I wouldn't leave a general in the city anyway, except perhaps on the turn that a church is being completed.
Battle: This may be a personal preference, but I'd rather have enemies breaking faster than my army not breaking since it rarely does anyway. There's nothing like a sight of a max dread general leading the charge from the flank, and 12 enemy flags start blinking white at the same time. Also, being able to click "continue battle" is great for general's experience, chance of additional traits (battle dread, scarred, brave, etc), and more ransom.
If generals didn't pick up bad traits in cities so fast, and if alliances and relations started to rally matter, chivalry would be worth working that hard for. But as is, it's not.
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