Wkura:
All of my comments are based on equal player skills. It would be pointless otherwise to playtest any other way. If you can beat a good army run by a bad player, it does not do you much good against a superior player running it.

I believe the ML army will win if given indefinate amount of time, and both players have very good knowledge of the match up. They wont win every game, but most. Over time, the game state will become similar to this and the ML army gains an advantage the more the match up is played is because they will be able to play faster(spending less time thinking) which they need to win.

Both players will gain insight in the match up equally, but time favors the ML army. If the game goes a long time, I believe the ML army wins barring below average dice rolls.

Barrel:
Just looking at terrain placement and ignoring player skill:

The tank army can use blocking to hide behind and to advance on the opponent. If its opponent stays a 10" or more inches away from it, they have to come out into the open and spend at least 1 turn exposed to be able to engage. The ML army can use deep water terrain to hide behind, and because of the bounders and ML doesnt have to come out from behind it to engage. Also it can position its pieces close to blocking water, making a few figures completely immune to attacks, but still able to fight. This gives ML more of an advantage.

If you add in player skill, both players will use there terrain to negate each other. The tank player doesn't want the ML army set up behind deep water, and the resulting mess forces the ML army to steer clear of it out into clear terrain. Who has more of an advantage in clear terrain, the Tank or the ML army?

I wont get into individual figure match ups because everyone knows games can be played out a million different ways. Saying things like fells, can tie up shades or mancatchers are too vague of statements with out knowing how the rest of the board looks like at any given moment.

Everyone: keep adding comments and views, I dont feel that that I have a 100% grasp of how the match up plays out. Also because of the excessive high defense from the EGM, a few bad rolls really changes the game. None of my comments or views are intended to offend or belittle.
Thanks!
bshugg