Also, consider the fluff on the empire on the numbers it brings to war, ANY empire army would be fielding WAY more infantry then knights, other then in certain circumstances where the knights are gathered in force for a special mission.
True, but 45pt 6+ save infantry just isn't worth 45pts in WM. Maybe 35, or at most 40, but certainly not 45pts. You can also very easily argue the other way, and that 3/3/4+ cavalry is far too cheap at 110pts, and I also agree with that assesment. Perhaps 125pt, maybe even 130pts would be a more accurate reflection of 3/3/4+ WM cavalry on the battlefield.
But if you're going to muck about with the points costs in pretty much every army, then you shouldn't do so until the core game is also revised. And whilst our chances of getting a printed book are nigh on non-existant (unless all WM fans club together to buy a load of GW shares and force the directors to change their policy on the SG range...), revising, changing and updating and publishing an online 2nd ed. rulebook is just as likely to be devisive amongs the WM community as doing nothing about the problem. Put quite simply a rulebook that you download is just not as good or useful as a printed paper rulebook.
Now if it were presented in a format that you could get it printed and bound, well that might be a different story. I'm planning on doing this with some photo albums of our girls for my parents, aunts and uncles through iPhoto simply because its easier than mucking around with individual photo uploads, etc... So I know that getting individual copies of books printed professionally isn't actually all that expensive, but I wouldn't have the faintest idea of how to do this for an actual short of everyone having to copy and paste text and pictures onto websites that allow you to create photo albums, etc...
Anyway getting somewhat sidetracked there. Basically my point is that since the army selector determintes the army you can use effectively, the Empire amry selector does not do the job of promoting a combined arms approach to fighting a battle. The infantry element of the army is a liability with the exception of Flagellants. The Halberdiers are there simply because you have to take them, and it provides the enemy with something to kill that aren't your knights...