Just an FYI for anyone playing on the small maps (SmallWorld, High Seas Combat, Desert Showdown).
The Dreadlord is FAR superior to the other 2 hero choices on these maps. His extra +1 stack attack bonus makes him a killer and the *only* choice of hero for these maps.
On the larger maps the other heroes close the gap somewhat. It's not entirely clear where they become equal or better. Certainly in 8 player games on large maps the Dreadlord may well be the only choice there too due to closeness of players. But with fewer players (2-5) the other heroes start to look better as they have more time to develop and make up the +1 attack bonus.
Overall I think the Dreadlord is probably too good relative to the other heroes. He needs some kind of penalty (maybe his learning skill drops to 50% or 75%) to make the other heroes viable as they need to reach L4 to get the equivalent +1 stack attack bonus.
KGB