What do people think of this strategy?

[Takeo]

as someone posted above, it is good to keep your obselete elite units to fight any of the AI obselete units. i also take all my elite swordsman/horseman/knights etc. along with any attacking force. there might be an enemy counterattack that leaves a 1-hp unit out in the open. even if the enemy unit is a rifleman, my elite swordsman still has a chance. i've had elite calvary take out wounded infantry and tanks. the only elites that i will upgrade is a warrior, archer or one that already produced a leader.

 

[Rubberjello]

Errr....I didn't see this mentioned anywhere, but this Barbarian farming is a really poor idea if you are playing the highest two levels of the Barbarian setting (Raging Hordes?) and the turn-of-the-age is just around the corner.

You're just asking for 16+ Horseman to give you a couple of dead elites and a security nightmare.

Otherwise, a fairly OK strategy. Although, as others have pointed out, you are keeping an "AI-Magnet" alive. If you don't want a buttload of AI troops traipsing through your territoty to get to this encampment...