Except that Iron Faith loses the research-immunity to Drain, and has otherwise reduced magic compared to the smiths (1E1? vice 2E1F). This is hardly "great", especially given that Iron Faith has an enforced drain scale, pretty much crippling magic research for them.
True, they get better priests than base Ulm, and a decent (but resource heavy and capitol only) sacred troop, but it still seems like a crippled Ulm to me. As though base Ulm needed to be crippled.
