Which faction do you like the most in Heroes of Might and Magic IV?

Yes, Chaos is balanced, and its creatures are good, and it's easy to level up. Medusa + Feline Agility is incredibly powerful, as is the Cloud of Confusion spell. I think it's even too strong... although it does have its weaknesses.

Chaos magic disrupts the balance of the game. It simply overpowers everything. Moreover, it's too predictable and limited in the hands of those who only cast direct damage spells.
The good thing is that it can't remove enchantments... That's a saving grace!