The KH are no push-overs....and they have access to good regional cavalry which make up for that weakness in there armed forces. The Bodyguard hoplites and Spartans are ruthless.
I would definitely take the KH over the other two simply because of their starting position. The pelleponese is easily defendable, as is Attika and the islands.
That being said, the other two probably do have a superior army. The KH is a little outdated for the game period. The successor armies were superior to classical armies....throw in Epeirotes ability to recruit elephants in Ambrakia, and they definitely have a healthy line-up. They also have to fight Rome, and Makedon has to worry about the barbarians to the north, the Epeirotes to the west, and the KH to the south....not exactly an easy starting position.
Just my 2 cents
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