I like the way the Phalanx is represented mechanically, but I have one complaint... Axemen? Really? Axemen with giant spears?
Keeping them as Strength 5 Spearmen and adding "+50% versus Axemen" would have had effectively the same results and been more representative of the fact that they have SPEARS.
Perhaps, but from a mechanical standpoint, the Greek/Macedonian Phalanx was best on flat terrain and killed basically every other infantry type formation. Even Roman Legions wouldn't take on the straight-on power of a phalanx (Rome: Total War actually handles this quite well!)
They tended to perform poorly against cavalry on an open field since a phalanx was very vulnerable in the rear. So the bonus against chariots may be justified (since chariots are hard to maneuver, the Persian Scythed chariots performed poorly). Indeed, the Roman battles against the phalanxes used the ability of the legion to maneuver to the Greek rear (but we should remember this was 'past the prime' of the phalanxes). The phalanxes probably would have defeated heavy cavalry, had it been around, again because of the difficulty of maneuvering heavy cavalry.
But the more advanced light cavalry would likely give them trouble, and even tiny numbers of horsemen caused them great difficulty; Hanson talks about how small numbers of Athenian horsemen kept Sparta from destroying their local mines during the Peloponnesian War. The Greek victories over the Persians were largely from Persian inability to use their cavalry. In Alexander's campaigns, of course, he had other supporting arms; Alex broke through with his heavy cavalry and had the phalanxes 'pin' the enemy. (Also, Macedonian phalanxes were different from 5th century BC phalanxes, they used professionals with much longer pikes, etc.)
So, with the change, the Civ phalanx is strong in melee, can handle chariots, but is relatively weak against light cavalry. I think it's pretty accurate. I do, however, agree they maybe should have a little more strength. If the enemy doesn't have chariots, they are just axemen!
Best wishes,
Breunor