It was true in 2.4 when morale loss factor was 1 and armies fought to death. But in 2.5 they increased it to 3, so armies break much faster. This is something I only realized now, so I failed to account for it in previous threads about retinues. I'm not sure if the effect is big enough to dethrone Pikemen though. I'd have to do a new analysis.
The wiki seems to be more or less up to date on unit stats, tactics, and retinues. The combat formula is a bit off, but through experimentation I've been able to figure it out.
1. Total attack values of all soldiers in a flank are added together and multiplied by 0.01 to get damage.
2. Damage is divided by number of soldiers in enemy flank to get damage per soldier.
3. For each unit type damage per soldier is divided by that unit's defence value and multiplied by the number of soldiers of that type. This gives us number of deaths per unit type.
Morale is weird. I failed to figure out how exactly it's determined, but I did find that morale loss scales linearly with both damage/kills and the moraleloss factor setting.
A few observations:
1) The power of a unit scales linearly with attack and defence.
2) The power of a unit scales with the inverted square of a unit's cost. If a unit has half cost, you can get twice as many, giving you both double damage as well as twice as many bodies to soak up kills.
So I finally did that new analysis based on the mechanics Dragatus described. I assumed that morale damage is treated like regular damage, just with some extra modifiers possible, the total morale damage for a flank is multiplied by the morale loss multiplier of 3, and the defenders' morale stat determines casualties instead of defense.
If that's true, the ratio of enemy casualties to friendly casualties for a flank size of one, no tactics or other bonuses, and a token enemy with all stats = 1 works out to be 4 * Attack / (1/Defense + 3/Morale). Which fits with Dragatus' observations above.
Since we don't often field armies of 1, I computed kill-to-loss ratios for each retinue unit versus 1000 of the all-1's baseline troops using generic tactics. I also ran those calcs for the most beneficial tactic for each retinue unit (regardless of whether / how often that tactic triggers for a pure flank).
Casualties are computed every day, so this kill to loss ratio gets compounded each day. Assuming that combat lasts for 18 days of skirmish and 18 days of melee, actual casualties would be (skirmish loss ratio)^18th * (melee loss ratio)^18th. So the relative power of a unit can be compared by multiplying the skirmish and melee daily loss ratios together. I chose to take the square root of this product to keep the units the same, enemy losses / friendly losses.
I come up with pure cavalry (of every type except horse archer retinues) being by far the way to go for field battles and the consensus pike units only being worthwhile in assaults. The pikes are the best killers in melee (about 4 times better than the best killers in skirmish), but they're SO BAD in skirmish that they don't even break the top ten overall. I looked at loss ratio, loss ratio per cap point, & loss ratio per man (for attrition). Defense retinues showed up tenth in the top ten lists for loss ratio and loss ratio per cap, the other 28 spots on the 3 top ten lists went to cav units. Charges on the 12th day vs the 18th will bias things even more away from pikes and towards cav. Pikes will make that up in prolonged melee, but how often does that happen?
Combat power (root of skirmish loss ratio * melee loss ratio) top 10:
Berber (27.2), Andalusian (23.0), Camel (20.9), Caballero (20.7), Cataphract (19.5), Knight (19.2), Gusar (18.8), Cavalry (15.5), Hussar (14.9), Defense (7.3)
All using Harass and Heroic Countercharge, except Cataphract (Harass Swarm and Couched Lance Charge) and Defense (Volley and Schiltron).
Combat power per man:
Same units, except Horse Archer retinues using Altaic tactic replace Defense in the number 10 slot. Camels are best. Cataphracts, Knights, and Gusars are pretty much tied for runners up.
Probably most important, combat power per cap:
Camel (27.8), Berber (22.6), Andalusian (19.2), Gusar (17.9), Caballero and Cavalry (17.2), Hussar (16.6), Knight (16.0), Cataphract (15.0), Defense (12.2)
A dedicated unit of assaulters should be Italian or Scottish pike unless you're attrition limited, where you want Knights.
Lastly, ignoring tactics (like if you want some cushion to cover for bad tactics rolls), Berbers are best, Camels are best per cap, and Cataphracts are best per man