Raiding only targets your troops, it disregards population inside. Not everything is kept by the attackers, but a lot is lost, and a lot is damaged. You don't lose the fief unless they come back and siege it.
In my opinion, a little bit too much is lost to the attackers. I don't remember the details--you may have better documentation--but we lost so much gear when you raided us that we qualified for peasant gear when you followed up with the siege. In terms of numbers alone, we lost about 95% of our gear in the raid.
Now, if the amount of gear you steal is scaled based on how much the battle went in your favor, then I guess it would be fair. Here's the record I have from that raid for troops:
- Battle duration: 04m50s
- Army size: 600 vs 244
- Battle result: 562 vs 71
As you can see, we were pretty much destroyed. Can anyone else give information that might indicate whether or not it's scaled based on battle time, troops remaining, or average kill-to-death ratio?