Forge of Ulm

[Mightypeon]

Well, I think most would agree that Shinuyama and CBM MA Ulm are both very strong nations, and in such a situation in may be worthwhile to look at the direct matchup, as their respective "strongness" makes them more likely to end up fighting each other directly (before after or while they kill everyone else).

Ulm is better at forging, Ulms has great troops, Ulm has reliable and cheap but effective battlemagic.
Ulm is slow, Ulm has issues reacting rapidly to new situations, Ulm cannot rely on National Mages/recruits to do the thugging.

Shinuyama has good troops, some of the best mages in the game, but neither of those is cheap. It has unmacthed flexibility, stealth and a high degree of mobility. It has access to very cost effective Thugs, but cannot equip them as cheaply as Ulm can.
Both Shinuyama and Ulm can counter enemy heavy infantry very well, but Shinuyama does not have to rely on heavy armour due to its flexibility, while Ulm does.