In response to loot on cav - Currently you are able to loot some nice things (although I agree the rate is a bit low) such as Eagle Feathers, Damascus Steel, and 3x Hardened metal. Along with that people have looted Barbutte w/ coif and the winged helm. There are nice things to be had, just not many players who choose to play cav.
In response to higher waves being too hard - Isn't wave 20 supposed to be difficult in any mode? Do the bots on Rag mode not 1 hit you even with the best armor available? I have been on some successful post-patch cav runs and I can confirm that it is indeed possible to win. Yes, it is very hard. Yes, it requires a well geared and well organized team.
Those things being said I do agree that cav needs a little work. Although eagles/damascus do drop, they are not until the later difficult waves. Perhaps adding in some nice drops to early waves (pre wave 16 pretty much the only drop is 3x HM) would encourage more people to play. It would also be nice to see some cav exclusive legendary items to actually make beating wave 20 worth the time it takes. To the best of my knowledge the best possible reward for defeating the Queen or Field Marshal is an eagle feather or damascus (might be 2x feather/damascus but can't remember atm).
The idea of hero or class specific horses has been tossed around in our ts quite a bit and I think it could be a really cool idea. Not really sure how the stats would be balanced but it seems to have potential.
As far as the bots go, I'm not really sure how much of a nerf any of them need. My only real complaint is how freakishly accurate some of the ranged bots are at times (those cross-map headshots >
). Other than that many of the higher waves seem to be balanced fairly well. Yes, they are hard, but they can be beaten. I have killed waves 16 and 18 solo as an archer without too much trouble other than running out of arrows and having to hit the shrine a few times during the wave. To be honest I find that the biggest enemy in cav isn't the wave of bots, it's your fellow teammates charging around the map in random directions. With good teamwork and communication even those tough post-16 waves aren't too bad. If anything i would agree with what has been suggested and simply nerf some of the nord hitpoints.
My main complaint overall would be the xp range. I feel that on cav it should be extended to be map wide. I'm sure the reason things aren't this way already is to prevent leechers. I understand that but really don't think that it helps. Going through a potentially 2+ hour cav run to only get 10k xp is almost laughable considering rag can now be done in ~45min and yields ~70-80k+ per run.
Overall I'd love to see cav fixed up a bit. I have a lot more fun on cav than any other mode for the most part and would love to see it become a more popular game mode.