Ugh fuck it, let's go:
1) The whole qualis gem system is retarded. You need qualis gems to get strong shit (gear, units, stats) to beat OP enemies and conquer Pendor. How do you get qualis gems ? You have to beat OP enemies and there's only a chance that you'll get something. Have fun leading 800+ armies that move at the speed of snail into marshall armies that might just run away from it. Oh and developers removed the only reliable way of beating them in 3.9 that is using noldor lords. So much fun!
2) Speaking of qualis gems the gear you get for them is pretty shity for the effort you have to put in. Armor is only slightly better than noldor stuff but requires a shitload of time to get, the weapons are decent but you must get 3-4 qualis to get one ?! Lol. If you try to do any fighting by yourself here you are very likely to get killed anyways.
3) Combat balance is retarded. Cavalry is op and there is fuckloads of it, seriously, everybody is on the horse. Armor means nothing as even elite knights get destroyed by mid-tier crossbowmen with basic weapons. Javelins will oneshot almost anything and bows are just broken machines of death after troops/player reach certain point of skills and weapons masteries. Overall the damage is absurd and armor is like a thin foil. What's even worse developers know about and actively use all this shit to put player in annoying scenarios, "Play the way we intended" they say.
4) This comes from the previous point you either play the intended way or you are going to be handicapped and feel like a punchbag for local war parties. Don't want to be friends with noldor ? Lol. Don't want to use bows ? Lol. Don't want to ride a horse ? Lol. Don't want to abuse broken ranged and other units ? Lol. Wan't to fight enemies just like your soldiers do and not just sit behind lines shooting your bow ? You have been raped by the homing javelin of death for 9000 damage. Lol.
5) Penny economy where enterprises and fiefs barely provide you with cash but maintaining an army is pretty expensive, so you have to fight, fight, fight non stop.
6) Looting is laughable, even with skill at 10 you get no rewards if you beat an army comparable to size of yours. You have to bring a small party and fight outnumbered to get anything decent.
7) Timesink in general - a lot of things take so long to get. Weapons and armor upgrades at knighthood order stronghold, CKO, qualis, rune armor, elite troops etc.
8) Whoever thought that snake cult hideout and it's
were well designed must be forced to beat that shit alone with a 2h melee weapon for the rest of his life.