Well.. they are not really army lists if you are talking about section 17 "Balancing your forces".
The objective of that table is to let you know roughly how many and what level of Big Men you should include in your force based on the quality of the force you are trying to represent.. not balance against the opponent as you would do with points and army list
As an example if you have a force of 4 groups of regular troops they recommend you include 4 big men, one level 3 , one level 2, and two level 1s.. and that you include 2 grasp the nettle cards which according to the recommendations on 17.1 would probably be a level 3 or 2 card and a level 1.
The idea is that if you were to include many more big men you would have a force that is more active than what would be expected from "regular troops"
But the objective of all this is so that once you decide on the scenario and you figure out what forces you will include, maybe a scenario of your own creation of something you read about in a historical account or novel, you can correctly represent that force on the table.
It is up to you as scenario creator to define how balance or unbalanced the opposing armies will be depending on your scenario
Just on Sunday I ran a game of Mexican American war, the american forces had one less group than the mexicans, their groups were 8 while mexicans were 10s. Although both sides had roughly the same big men the americans had a few cards increasing the fire discipline of some special troops ( Texas Rangers ) while the Mexicans had some conscript troops suffering from poor fire discipline
Overall I thought eh game was pretty balanced.. it was planned to be a very standard encounter scenario since it was the introductory game for my group.. It went for the Mexicans and it was a fun game..
I have the MAW expansion but didn't use it since I wanted to go through basic SP first before increasing the complexity level..
Also I decided that I was running a figure ratio of 1 to 5-6 men so that my groups would be companies.. that way players could choose to deploy some of them together as understrength battalions or move them around freely..
I hope this helps a bit, although it is probably not the answer you were hoping for..
cheers
Francisco