From my experiences at a couple different Venues:

ML/Ram armies become dominant.
Toughness becomes popular: ML/Ram armies run and hide due to their uselessness against Toughness
Toughness dies down in the absence of Ram, but never leaves entirely: ML/Ram shows up on occasion, but never catches on again due to it's weakness against Toughness.
Standard cheese continues to rule the day.

I've seen 3 different venues go through this effect and restabilize again. Now when you see ML/Ram, it not the basis of the army but a small part of it. There is nothing wrong with it at the moment.

EDIT: I really support changing Magic Freeze and Magic Confusion (paragraphs 1 & 3) both because they are weak and improving them would inherently strengthen MI. Nimble and PoleArm are not nearly in as dire need of fixing, but I listed some ideas for them anyway.
EDIT: Grammar correction

1. MF is big time underplayed, and I would like to see WK bump it up a notch soon. I would recommend gaining a token on 3,4,5, or 6. Sure, it won't make everybody play their Crystal Sprites, but we will see people trying out there Inquisitor and Regal again (if only to retest their worth in the new rules).

2. F/L is not over powered, nor is ME. You can negate both abilities by basing the figures with harrassers or your respective swarm. F/L is not a problem when properly dealt with.

3. MC is the most underplayed SA from what I have seen. There is almost never a reason to use MC outside of MKD (and even in it's usually difficult to justify it). My suggestion is to allow the MCer to move the target normally (using SAs when necessary) and move the target B2B with an opposing figure if so desired. This creates something of an interesting strategy option for Sneak Attack.

4. Nimble is also underpowered without a ranged attack. Wong's suggestion is a fair one.

5. PoleArm could use a boost, too. Allow them to make Close Combat attacks against figures within 2 inches of them and they become suprisingly useful. Now you can move your wall of pikemen up within inches of your opponent and strike at them without having to base them (and effectively waste your PA). In addition, these attacks ignore Battle Armor and Inv's +2 vs. range. Not broken, but interesting enough that you might want to try these figures out again.

Tim

As I have said before, they cannot change either of these factors. First off, if it worked 100% of the time, MF would decimate. You could even go so far as to use a regal in 300pts. 4 figures every other turn either being given a click of damage plus not being able to move, or being given a move token, so they would have to push next turn, it would be trouble.

Second, the Magic Immunity. Take the Regal again, no magic immunity. Surround him with three ESAs. He's doing 4 clicks of damage to 4 targets, along with giving an action token to 2 of them, on average.

Magic Freeze is not a very good ability, but if they did anything to change it, it would become almost unstoppable.

Edit: After reading Tim's idea, that isn't bad. Making it work on anything but a 1 or 2 could be a viable change.