Even though I haven't played Heroes 5 that much, I still think that Necromancers are the strongest!
Асха - Порядок! Ургаш - Хаос! Силат - Воздух!
Шаласса - Вода! Аркат - Пламя! Силанна - Земля!
Сар-Илам - Дракон-Маг! Эльрат - Свет! Маласса - Тьма!
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Even though I haven't played Heroes 5 that much, I still think that Necromancers are the strongest!
I'm not arguing, minor artifacts are only good in the late game; otherwise, you either won't have enough resources, or you'll spend so much that you won't have enough for further castle development. Not all units are good, especially Djinns/Djinni Sultans, but magic is also one of the Academy's strengths.
It's most difficult for the Dungeon to play against the Academy (mirror match rules).