#1 Horse charge damage would not be a player's primary way of damaging an opponent
Actually I don't mind a charger trampling that much. It's a charger after all. I mind when a charger can hunt me around a tree for 3 minutes at the start of the round when he sees I'm alone and without spear instead of walzing down a group of infantry for maximum effect (and actually risking to be piked and ganged in the process), but hopefully upkeep fixes this.
#2 Arrows would take out most horses in 4-5 hits instead of the 1-3 for light horses and ??? for heavy.
-Pikes, throwing spears/lances, and crossbows would become the main threat to cavalry instead of arrows.
Well, for heavy horses this is actually the case. Arrows didn't hurt them much before the patch, throwing lances did.
So heavy horse, countered by throwing and crossbow, light horse countered by archers (light horses only countered by crossbow and thrower is pretty fail imo, because slow reload or projectile speed vs high speed horse makes hits very hard to impossible).