Personally, after watching a friend beat the game with over 66% knights only, (saying the combat was so easy) i cant stand using them as the majority of my units in vanilla.
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(Remember AI does not really know how to use terrain advantage competently). In even numbers say 50v50 - i dont think anything can stand up to Knights (Vargir, Mamluke, or Swad), unless major terrain advantage or also a heavy cav.
The only AI counter to cav is other cav - sucks to be AI Nord or rhodok! Did u notice how rhodok the anti cav faction, is not very good vs cav (except the hills help). Cav get the first hit, by time AI reacts they are in whiffing range of spear thrusts on high armor high hp targets. Further, the AI does not use spears well. The crux of the problem is that the enemy AI only has 1 rank of troops and cant use 3 deep for example in vanilla. Once the inf line has been broken and the enemy is in chaos, you pretty much win since nothing can pin the cav down to dps through its high armor, high hp, and mobility. Once a horse has passed the infantry line (which is easy since its 1 deep), all infantry start to face it thus showing their backs to the enemy which allows other horses to decimate them with free shots. This easily allows the knights to decimate the impact zone before enemy infantry can encircle them since they are spread out in a long line. A one rank line is easy prey for lancers to crack the line and keep moving forward. AI forms in a long 1 rank line, not with deep ranks as how players combat Horses. This is not a swad knight issue specifically. In the field, vanilla AI tactics cannot really cope with heavy cavalry at all. My main point is not that Swad Knights are too strong, but instead that all heavy cavalry (higher than hunters) is too strong if used with even 1/2 a brain againy the brain dead native AI. OP is talking about player using Swad Knights vs AI.