The balance on an individual level appears to be getting better, but asmos have a massive advantage in AP and a lot of those big earners are still around. So when you face them in dredge it is rough. The biggest issue I see is elyos participation have fallen off a cliff for sieges relative to asmos.
The merge might get Elyos enough players to make it competitive, as Elyos are not that far behind Asmos in reality.