While Utonshire has been the biggest actions and was clearly a good victory for me, it certainly has not won me our little war, much less the whole game.
I still took decent losses there. I also suffered crushing defeats in 3 or 4 medium sized engagements. Additionally, you still have an enormous army ready to storm my capitol while I've never seriously threatened you anywhere. You've also greatly limited my raiding despite the dread it causes you while you are raiding very effectively now and I have no real counters.
So it was a good victory for me in one spot, but I certainly don't think it was decisive. My take going into that fight was "I can't win the war here, but I can lose it." If you had beaten my army there I would have been pretty much knocked out.
Also, as you mentioned earlier, the disparity in provinces which leads to a disparity in income and gem income is non-trivial. And I hear Ulm can make good use of gems
