[PvK]

I think EA Ulm is strong. Shield Maidens are fast to recruit and can defeat most opponents without getting hurt. Their archers are also good. They can rush and defeat many opponents early without even needing magic, or just expand very quickly.

I've just spent the morning trying MA Agartha, and I think they're strong too. Their human troops are like a variant of MA Ulm, which can be quite strong when used well, and are good for steady expansion. Also they have armored amphibians, who can expand quickly against underwater independents. Then magic summons and not so bad mages, national summons, Golem Cult bonus... they seem pretty good to me.

MA Ulm is one of my favorites, but I agree they seem a bit weak, especially with competition like MA Agartha. I don't agree that the armor advantage is negated by the encumbrance, or that their morale is a problem - the counter to that is using a large enough army, at which point it survives, gains experience, and becomes a tough meat grinder when used correctly. I agree that I wish they had an MR bonus rather than a penalty, though they've always been that way, and they do now have a national spell to make up for that point. The knights can be used as thugs if you do it carefully and have the stomach for it. HP aren't everything. But in general ya, Ulm is in trouble because of all the easy-access powerful magic in Dominions, as it always has been. I would say though that they are the weakest of the three you mentioned. But I still really enjoy playing them, especially in SP.