Climbing the tech ladder to unlock equipable items is one thing, but being able to recruit larger groups of units, or with better HP is as, if not more, important.
The above is certainly true for Melee units, increasing the party size increases durability and power of a unit and added veterancy provides more HP.
For archer units, I only ever now recruit one type - Cedar longbows with no extra equipment. As soon as I can, I increase the "size" of the unit as this makes them very much more powerful (harder hitting). There is no apparent point in increasing the veterancy of my archers though -all it seems to add is HP and as they just sit at the back and fire away, they don't need extra HP.
Perhaps I'm missing something from the benefits of veterancy -but currently it only seems to affect HP.
My suggestion would be to add a combat speed buff to veterancy levels -otherwise its useless for non-melee units (or units not expected to tank).