pernaty
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I prefer playing as Necropolis (I use bone dragons as expendable units; they are expensive, but versatile. I focus on Liches + Vampires + Dark Knights with skeletons, and the magic is decent, plus the Cloak of the Necromancer is good). I also tried playing as Dungeon; it's a decent faction, but the dragons were disappointing.
P.S. I haven't played the other factions, and I don't plan to.