First of all let me say I love 0.95 and that every update so far has been a huge improvement.
That said, of course there are some issues with it.
1) Armor OP
I play as Yithril and Gilden mostly, teams good with armor, but the protection granted by each tier of armor seems rediculous.
I can easily dominate any nearby players and any monster smaller than a forest Drake once i build two groups of leather armor spearmen. Troops with leather armor take almost no damage from most monsters or weapons of around the same level. Sovs just laugh at everything once I buy them leather armor + random loot.
I can conquer small/medium maps just on the huge difference between leather armor and unarmored troops.
2)Monsters are Terrible
The vast majority of monsters have no defense and seem to exist to die in one shot. Darklings/Spiders/Bandits/Syndicate/Wildlings/Wolves/Banished Ogres and many tougher monsters need a large buff. They are only threatning to unarmored low level troops. Even a lv 3 Sov can just wade through them. A basic group of 3 troops with spears could kill around 6 darkling warriors. Any unit with leather armor is totally immune to attacks by all the above, and it's now a level one tech. Most Sovs at Lv 3 could probably decimate them in the Dozens. Monsters need to scale better so that even the weakest lairs can challange you over the course of the game, it takes a lot of the fun out of the game when I can just leave my cities unguarded and roam have my Sov roam around the map 1 shotting 90% of stuff.
The weakness of monsters also affects the ones you build. Darklings and Ogres are utterly terrible when built by players. Armor is just super important and they don't have it. Same with the units created through binding. Mid-game anything without at least leather levels of armor is just fodder.
Also Lair guardians should never leave their lairs and lairs should spawn weaker roaming monsters more often.
When you kill a Lair you should be eliminating a threat, not feeding your Sov loot and exp.
3)Encumbrance Should be Expanded
I feel that encumbrance as stands is a little shallow. It seems odd that strength traits generally only raise Initiative by 2, the same as most Inititaive bonuses from traits like fast. Ive thought up two ideas that could work.
A)Make Initiative lower dodge as well. This makes sense and expands dodge, a shallow and little used stat.
B)Make the initiative penalty from encumbrance a % of total Initiative. This would would make it so that fast heroes cant ignore encumbrance penalties, making strength more necessary for heavy gear.
Also encumbrance traits seem a little uninspired, the game could benefit from a cheap encumbrance trait like, Bulky: +15 Strength, -5 dodge, -5 accuracy.