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In my opinion, all factions are unique and strong in their own way.
Haven: retraining, quite strong units (except peasants), Light magic.
Inferno: opening gates, decent units, Chaos magic, high attack.
Necropolis: Time magic, large growth, vampires.
Sylvan: very proactive and strong units, luck.
Dungeon: good units, Dark and Chaos magic, irresistible magic, elemental chains.
Academy: ranged units on levels 1 and 7, magic, mini-artifacts, Rakshasa.
Fortress: huge defense, excellent units, runes.
Stronghold: rage, warcries, powerful units.