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The main reason why I still find Arm very much worth building, is the sad fact, that since manpower is the limiting factor for army size for pretty much everyone but china/japan, the cost of IC investment is almost irrelevant in the long run. (Edit, meaning that IC cost wise, building just infantry should already be more effective than armor)
Sure, and that's the reason why it should be even more expensive. Otherwise there is really not much to think about.