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I like it significantly more than I dislike it. And most of the drawbacks are bugs (I'm 99% sure they'll be fixed in the release).
So: +
1) The uniqueness of each faction (and racial abilities), forcing you to develop heroes of different factions in completely different ways – this is a huge step forward compared to all previous installments.
2) Magic. Both the skill upgrade system and the effect of spells on the battlefield are pleasing, especially the increased role of direct damage spells + abilities that add additional properties to such spells (Master of...). The idea of enhanced spells for double mana is also interesting, but it doesn't work yet. I was also pleasantly surprised by the implementation of mass buffs (the fact that they became area-of-effect) – now you don't have to worry that some dumb barbarian with mass haste will immediately defeat a larger army.
3) The initiative parameter and the ATB scale. Fast units retain their advantages, but slow units, although they move less often, no longer crawl a couple of squares – that is, they can actually hit someone.
4) The value of upgrades. The vast majority of upgraded units have a very significant bonus compared to the basic version, but the cost of the upgrade is much higher than building.
5) The ability to pre-arrange units before the battle, invisible to the opponent. This also includes the ability to remove units to reserve.
6) The entire Dungeon Castle. The design of the units, the worldview, the abilities of the units, the skills, and the hero's development.
Disadvantages (I will try to list only those related to balance; it's pointless to criticize bugs – they need to be fixed).
1) Non-linear dependence of the damage of caster units on the stack size.
2) Fixed value of mini-artifacts + to damage and + to HP, regardless of the unit level (it would be better if it was a percentage).
3) The same with the toughness ability (not 2 HP for each unit, but a percentage of the base value – IMHO, this would be more correct).
4) Sylvan's super ability (All units always hit with luck) – this is too strong; other factions cannot boast of this.
That's it for the major drawbacks; I don't have time to comment on each unit