I pose a theory: MOST (not all) of the "imbalance" of Malifaux lies in people making fluffier lists instead of exploring all of their options. Discuss.
To cite: Archanists, the generally accepted "weakest faction" also has some of the fluffiest lists, while Neverborn, the most "overpowered faction" can field almost any model in any list. Even in games amongst weaker players, it is not uncommon to see Lelu, Teddy, or Terror Tots in almost any Neverborn crew. However, how often does one see Student of Conflict in a Marcus crew or Joss in a Raspy Crew, at least among newer players? They are both fine models and not terrible choices at all, they just don't seem to fit with those masters.
Within Ressers, Kirai is seen as Teir 1, Seamus as teir 1.5 and McMourning is usually ranked even lower. If you look at the "fluffy" models, you see that Kirai with spirits is great, Seamus with Belles is good, and most people people turn their nurses into paperweights quickly. But when one turns to other models for McMourning, or puts some muscle in a Seamus list, buisness picks up. Heck, I can't count how often I've seen Killjoy in a rezzer list.
Anyways, just food for thought, please put your own unput in.