I echo this sentiment entirely. Boltons are my favorite army theme so far.
After the Blackguards's disappointment, this.
They lost 50% of their resilience with that change, it's absolutely huge. Prior to that, you could factor in 72 basic hits required to wipe it out (hence the need to target them with morale, direct wounds, flank and sundering), but now they'll require 36 technically. So the bulwark of House Bolton is effectively gone. Changing Ferocious assault from Spread Fear...okay, i don't really mind even though i liked the fact that they could support the rest of the army by throwing panic around the field. It was a fine unit in the context of "House Bolton" and i wish they had left them alone. I also agree that heavy cavalry with barded horses should be 2+, considering that heavy armored cavaliers (without barding) have 3+. I somehow believe that Baratheons will get that 2+ for the Champions of the Stag.
The neutral faction is sadly the red-headed stepchild of the game i am afraid, as it seems clear from this move that the units are affected by every other faction's balance. This does -not- bode well for the future of it.
I hope that they'll eventually look back into the neutral faction and perhaps produce "house bolton" lists special rules, or "bloody mummers" lists for those who would like to play them. Or i'll work on one myself...and propose it to those i play with.