There's a bit of truth, a few plain errors, and a lot of lack of game knowledge in that paragraph.
AI opponents seem to be able to prosper where the player cannot, even on Easy and it doesn't help that you cannot build anywhere except a few random locations
True, because of many bugs that give low difficculty AIs bonuses that they should not get.
still fails to balance Offence and Defense. Is it really so hard to understand that it should be: (Attack-Defense) times # of Units not (Attack times # of Units) - Defense
Nonsense. There are people who think that games should work they way they want, instead of them learning to play by the games' rules.
The defense of units is virtually pointless in the face of the offense available.
Insufficient understanding and experience with the game.
Not that you can afford to outfit your Heroes. I can build entire cities for the cost of single suit of plate armor.
Sorta of true. I find it stupid that I should pay cash for what I can produce, instead of materials and production. It makes no sense that armoring a soldier is different from armoring a champion.
It basically means that Hero units become useless as they cannot survive a single blow in the later part of the game.
Ridiculous. My heroes are always head and shoulders above troops, enemy or friendly, at absolutely every point of the game. This is a guy who does not level his heroes right.
The abilities that appear are completely random, meaning that whether or not my mage can actually cast better spells is entirely random.
Very good point.
Honestly on a whole you are better off grabbing a copy of the 20 year old Master of Magic. It is in everyway more advanced with better gameplay and, despite being 2D sprites, better looking."
Overstatement, but an understandable overstatement. I have seen people leave a martial art club because they did not want to learn to protect their legs. This is a guy who likes being good at MoM (which has its own cartload of problems) and hates having to learn a new game.