These are my thoughts after playing this a few times and playing a few of the scenarios of WaW, which engine this game uses. After finishing the Saratoga and two ACW scenarios from WaW I was quite disappointed with how the combat results seemed to go.
The battle hit mechanism needs tweaking IMHO. It is too easy to score a hit on an element compared to the 1 in 10 chance for a "panic" hit.
This means units which only have one element in them are quite often wiped out, which is not very realistic really.
To vastly improve the game I think units need to have 3 or 4 elements to them.
Secondly the combat effects from the dice roll should be changed. I think it would be better to have a 1 in 10 chance of a hit which destroys an element, a 1 in 10 chance to score a panic hit, and then something like 2 or 3 in 10 to score a hit which reduces an enemy unit's morale by 1. This would make battles a lot better IMHO :)