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If we only consider the units, I think Necropolis is slightly stronger. The undead have more powerful abilities. For example:
1. For Death Knights, the Curse and Double Damage abilities are constantly useful, while the Cavalry Charge is only effective at the beginning of the battle (you wouldn't want to move your champion around to use it on all units, as you'd lose your entire squad in the process).
2. Dragons are certainly weak, but if Aging works, you can say goodbye to your squad:smile34:
3. Liches win against Monks with their cloud ability.
4. I always fear Crusaders with their two attacks, but there are Vampires to counter them. Vampires will first weaken them and then finish them off, and they will also resurrect during the battle.
5. Skeletons are weaker than Halberdiers, but there are SO MANY of them that are resurrected.
6. I don't particularly like Zombies; archers have a big advantage against them.
7. Griffons are undoubtedly stronger than Guardians, thanks to their constant retaliatory attack.