Yeah there's a lot more things to consider when computing value:
- Likelihood of weapon/armor upgrades and guild/building exp bonuses
- AP weapons
- Speed
- Mass
- Stamina
- Terrain bonuses and penalties
Recruitment cost is almost as important as upkeep cost as well. Melee cavalry gain exp fairly quickly, but will always take casualties in the process. Retraining becomes essential if you want to preserve an experienced cavalry force.
Also, in the late game value doesn't matter as much as other factors because you're usually swimming in cash. Bang-for-the-buck estimates really matter only for early and mid-game cavalry (castle or fortress-level).
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