One thing the Medieval II engine does well is model cavalry behaviour. Getting a charge is difficult, they're more powerful in melee and when they do hit home, it's like being smashed with a sledgehammer. Oh, and trying to countercharge with infantry gets you killed. So pretty damn realistic there - a man with a 12 foot lance is going to deliver a hell of a lot of damage to any infantry formation before they can hope to strike back.
The 'Realism' mod for Medievall II, Stainless Steel Real Recruitment/Real Combat, actually buffed a lot of the charge values for the knights and other units and did a lot of splendid work in general.
Pikes in vanilla ME:2 suck, but with proper modding they work great.
However, part of this modding requires removing the secondary weapon, as in Medieval II the tendency for units to switch to secondary's is far too great for them to be useful in a melee. However, this actually makes them less rigid as you don't have to obssessively maintain the phalanx formation.
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