Drill II opens the formation promotion. This means PRO leaders get formation longbows at just 5XP which is pretty easy, and as you noted, formation longbows handle horse archers easily.
Ideally you don't want to have drill promotions past drill II on a formation troop though, because of the often immunity to first strikes. In other words, never give your drill IV units formation unless they are by themselves possibly. In a stack you want the lowly units doing the defending against horses.
Ideally you don't want to have drill promotions past drill II on a formation troop though, because of the often immunity to first strikes. In other words, never give your drill IV units formation unless they are by themselves possibly. In a stack you want the lowly units doing the defending against horses.