Personnally I have great fun with a mix of the two strategies.
I use a dormant cyclop E9. I've used sloth 3, the bless is mostly for mages and summons (exact scales : order 3, sloth 3, heat 3, misf 1, magic 3, dom 7 and growth 3 ; dom 6, death 1 or more misfortune + a second school at 6 is also possible, or dom 6, death 1, air 3, astral 4 for teleport, better buffes and precision for the cyclop ; or any combo with earth 8 as the protection bonus won't be used for a long time). I expand without mercenaries (I dislike mercenaries, against computer it's too easy, against players it's too random). I use a screen of any infantry with shields I can recruit (mostly indeps) + a second line with some bandars or other good infantry I've found + a squad of light longbowmen + a squad with elephants and some good morale troops in attack rear. Except my first commander/prophet I only use indie commanders and priests. I research only evocation in the first turns, and thanks to magic 3 have blade wind when the cyclop appears. At this point I normally have two armies and then take 3 provinces/turn without having to wait for my dominion (but I had to make only one nagarishi in the 10 first turns, as elephants cost a lot, and would be distanced in site searching by other players in a mp game, I only had arcane probing and one nagarishi doing manual searches before turn 15 or so).
Anyway once blade wind is found I stop to use elephants and just use a screen, eventually some archers, and the nagarishi I start to recruit each turn, blessed by indie priests (I never use nagarishi/rini for research, they start the lab work only when I have construction 4+). I've also made an army with a big heavy bandars squad I use for knights or heavy troops provinces, and add markatas to reduce defense if a castle is close (and rust mist against knights). Finally once site detection spells and alteration 3 are researched, I start to focus on construction/conjuration only. Once I have construction 6 (for the water bracelets) I start to build more naginis, more cost effective for clam hoarding than nagarishis.
I've also finally made a little army with nagah warriors leaded by a nagaraja to start expanding underwater (with +4 protection and their hp, nagahs can take a medium tritons or shamblers province without too many losses, but I agree they are not very usefull out of taking the firsts underwater provinces, and with sloth 3 I had to produce nothing else during 5 turns).
KB strategy is probably better, but this one is fun to play and relatively efficient (to have blade wind when many provinces with light troops are still independant rocks, and your mages are really unfatiguable with the fatigue reduction of magic 3 + reinvigoration 4 from the bless + eventually items). The +4 protection makes gandharvas very hard to kill, especially as their 25 hp are sufficient to endure one or two spells (and I think 21 prot devatas with reinvigoration to fight longer with 4 weapons, some resistance items, and buffing themselves with mistform, etc... would rock in the end game - I'm just at conjuration 6 in my test-). Another option with a cyclop would have been a classic focus on enchantment then using him to summon lots of living statues at a good cost, but I wanted to have the national summons as fast as possible (I'm probably not min/maxing here).
edit : "reinvigoration" not "recuperation"
