I've been puzzling over this question myself, as I have the option to raise Scottish Pike Militia in my current campaign but looking at their stats they don't seem as useful as Dismounted Knights.
This thread prompted me to do a bit of testing, mainly for my own benefit.
The first test pitted Scottish Pike Militia against Dismounted English Knights just to see what the results would be. Battlefield was Grassy Plain and no bonusses were added to either side.
Scottish Pike Militia V Dismounted English Knights
The knights won but only after a prolonged struggle. They found it hard to penetrate beyond the pikes to reach the militiamen, in several cases falling back to regroup and then charging the spear wall again to force a penetration. Once beyond the pike points the knights had the advantage forcing the militia to drop their pike and draw their sword in an uneven fight.
Losses: 181 Pikemen 73 knights
Next I decided to pit the pikemen against the best mounted knights they were likely to face in my campaign e.g. Feudal Knights
Scottish Pike Militia v Feudal Knights
I actually had to run this test twice.
In both tests the pikemen hunkered down ready to receive cavalry and the Knights trotted up and then refused to charge home. They just sat their looking at the wall of spear points and refused to budge a single step closer.
The question then arose how to take the battle to the knights. According to Mike Loades the Scottish Pikemen were trained to move and fight but the Pikemen in MTW2 clearly aren't. My first experiment was simply to tell the pikemen to attack the Knights. This proved to be a total disaster as as soon as the order to attack was given the pikemen dropped their pikes and charged with their swords to be cut to ribbons by the knights.
Losses: 210 Pikemen 41 Knights
The second test started in the same way as the first but this time instead of ordering the pikemen to attack the knights I simply ordered them to move to a point beyond the knights thus creating an apparently accidental collision.
This worked better, although as soon as the first collissions occurred I did press the BACKTAB button to order an emergency halt. A lot of the Pikemen did still drop their pikes, but some of them quickly picked them up again and the knights seemed more willing to attack now that they had been bloodied. The result was a series of charges by the knights into the pikemens rather ragged spearwall which was enough to unhorse a lot of knights and send the rest running for home.
Losses: 76 Pikmen 96 Feudal Knights
So, even allowing for the 'sword swap bug' Scottish Militia Pikemen can own mounted knights if handled carefully. In practice the reluctance of mounted knights to charge them creates an interesting opportunity for crossbowmen and archers to practice their archery.
So, a mixed force of Scottish Militia Pikemen and Mercenary Crossbowmen ought to prove very effective.
I just tested this theory in a custom battle: 6xFeudal Knights v 3xScottish Militia Pikemen and 3xScottish Noble Archers. The result was as predicted, the knights refused to charge the pikemen and just stood there getting picked off by the archers. About halfway through the archers ammunition I even moved them forward to stand in front of the pikemen so that they were firing directly into the faces of the knights but they still refused to charge.
Losses: 0 Pikemen, 0 Archers, 111 Feudal Knights
Likewise in seige assaults these Pikemen ought to prove useful in blocking streets so that your missile troops can fire into the struggling mass beyond.
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