Each of the races has a notable military advantage except for Humans
Human cav has higher attack than the Elves and Orcs. However the Elves are quite a bit faster raising the argument that theirs are the best. Speed is huge in tourneys and very important in defence vs enemy sieges (attacking the enemy camp in time to save a besieged city)
Elves also have strong bows which is a defensive asset and an underrated offensive asset. The main defensive units are spears with weak defence vs bows and bows with weak defence vs cav. This allows an Elven player to attack with a combined bow/cav army. According to battle calculator an Elf 50/50 attack on a Large mountain will do better than Human and Orc heavy swords vs Kobold spears and nearly as good vs Death Dealer ranged units. Meanwhile the Orc and Human heavy infantry march at 5 sq/hr to the Sentinel bow's 10 and Marshal cavalry's 17. Only in forests and vs heavy spears does the Elf combo attack suffer and they still have their speed
Dwarf infantry are rather epic. Their heavy infantry march at 7 sq/hr with only the Elven heavy infantry and Dwarf Axemen faster. However the Dwarf Stalwart has a massive attack and training speed advantage over those speedy Elf Wardancers. Basically the Dwarf infantry dominate all the others in at least one attribute, and usually two. (speed, standing army power per upkeep cost, training speed) This makes them the most powerful attacking standing army on any terrain but plains where cavalry rule... and if the army defending on plains is set up to fight cav arguably the Stalwarts will rule everywhere with only the (big) disadvantage of speed. In this Axemen are underrated as they have nearly the same standing army size per upkeep as Stalwarts and are nearly as fast as Elven Sentinels at 9 sq/hr
Only the Orc Fangs match up with Stalwarts on two attributes, being training speed and marching speed. However their low attack per upkeep cost means their standing army size is about a third less than the Dwarf infantry
Still, Fangs are arguably the secret weapon of the Orcs. They don't have good upkeep and thus standing army size appears to be their pitfall. However they train attack almost as fast as Stalwarts and defence roughly equal to Kobolds and Sentinels. If the action is in close you can use your whole Fang army to attack an enemy siege. If it's far away you can use your whole Fang army to defend a siege on an enemy town. The versatility wipes out the standing army disadvantage and once a war is ongoing they train fast for all purposes
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