The new patch is better, I still think though that anyone seriously considering iron to be a huge advantage has never simply built a worker first and dropped their second city directly on an iron deposit. You can have axes, swords or praets out easilly immediately after iron working, and not only that but you can chop them up from your second city if there are forests to give you time to get the wheel if you didn't start with it and road to your first city.
In MP everyone goes to bronzeworking to get chops and axes anyway, its rather simple if you start with mining (and guess who starts with mining?).
I think praets should be 50 or so but their power now in mp is masked by anyone who knows what they're doing getting an axer or two in every city. Same with Jags really. Even at 35 axes are still a better deal for montezuma to build to rush.
IMHO now a balanced early melee setup to go to would be:
axes drop to strength 4, bonus vs melee goes up to +85%
Jaguar warriors, spearmen, and swordsmen stay as is.
Praets increase in price to 50 or drop in strength to 7. (remember macemen still cost 70 for the same strength, and war elephants cost 60.)
Oh and of course being able to build regular swordsmen as the aztecs wouldn't hurt either.