My impressions from 4.1:
Ered LuinEred Luin has a wonderful movie atmosphere with Lake-Town, new models and english voice for heroes.
But I think that Lake-Town and Dale archers should be stronger and more expensive.
I like all changes for heroes but Balin should have leadership like in 3.8.1 or something what would represent his wisdom, maybe instead of the old expedition ability.
Iron HillsDain and his boar looks amazing in the game, but I miss his wonderful movie army.
Murin and Drar have new excellent english voices.
Bilbo as scout is absolutely inappropriate for Iron Hills. He is only copies from Ered Luin faction. I hope that the Iron Hills gets his own scout in the future. Maybe some character from the Lake-Town could have this role.
Also, It is a pity that Iron Hills and Ered Luin have the same mini faction for Outpost.
I hope that the Iron Hills will rework the in the future. This subfaction needs more movie atmosphere, his own scout, outpost and stronger abilities for heroes.
EreborDain new model is pretty but he should also get a new voice and palantir.
Erebor heroes are not bad but I hope they will be speak english in the future.
Unfortunately, this faction is still more Gimlibor. Erebor Guardians have Gimli helmet and Axe Swinger looks like Gimli clones. I hope that this subfaction gets better soldiers from hobbit films, but Edain team said no.
But Dale is a fantastic, I love this mini-faction.
Expedition to Khazad-Dum:I miss old veterans from 3.8.1. I wish to Axe Swinger go away and the old veterans stay in edain.
New movie Erebor soldirs are amazing and invincible. But I think that the current system is too complicated and combined units with ponies not much fun.
SpellbookIt is a pity that Ered Luin version of Gandalf is not permanently. Maybe he could be in Arnor.
I do not understand why I can summon Beorn and his army. He came alone to help the dwarves in battle.
I do not really like Greed spell with random effects. I think that Greed should work as normal economic spell as in vanilla without Balrog.
The new version is not bad but Ered Luin is still more interesting than other subfactions.
Edit: New rams for Battlewagons looking great. I'm glad that the old EA animals are gone. But it is a pity that Dain summon a same battlewagons with ram. Maybe Dain's battlewagons could have boar.