Just my opinion on currenct cav:
With a cav char (21/15) i'm doing pretty fine, with 130 1h wpf/80 polearm wpf , 2k gold worth shield, 500 gold armor,heavy lance,courser and military cleaver im making a steady income at 3 x+ bonus and im having a blast too.
( i had a break down last week tho, lost 20k gold in one day with THAT gear, because the courser broke almost every round)
With the military cleaver combined with 7PS i oneshot upto tranny armor with a good strike and upto heraldic mail with a normal lance hit, even with 5IF and 21str im very fragile because im wearing robes ( i cant afford better armor, upkeep is killing me), the cav itself if we ignore the upkeep is quite good and im loving it... but its upkeep that kills it.
On ground i can do well too if i have support,but i usually die in 1v1 situations because of the sluggish shield and only 130wpf in onehander (most people are ALOT faster than me).
The military cleaver is a very good choice ( i underestimated it myself,but seeing oneshot everything with decent all around stats im preety surprised)
I would use sarranid cav sword if i had loads of money, but the difference is only in lenght.
All i want now is a nerf to upkeep so i can put on some mail