I had the huntress bombs doing 1200 cluster damage to enemies at around lvl 8... Sure they didn't restart as quickly as squire arrows, but combined with slow gas, it really didn't matter much...
Playing 2p Splitscreen on 360, I thought the Squire only seems OP in the "I'm the better character for single player" style. His need to get close and personal limits his ability to react to changing situations, and things like the bowling ball trap are best situationally, slice-and-dice is fantastic until archers get to it, which is the same weakness as the bouncer, which has a bit of restart time, making it easy for enemies to get in, and beat it up.
The Squire should also be using more stats to make his own self better, while huntress and apprentice, for instance, should probably concentrate more on their traps. Of course, you could swap this, and probably still do well, which is nice about this game.
As we run into mini-bosses on INSANE in 2P, I get the feeling that everyone has a change to make it through these things, but the squire is the only one I feel "is ready" half the time, as the DEF and ATK I have to take on a multi-1000 HP monster feels like I can tank him by that time. If he were much weaker, I think his potential role as "Walking defense" could diminish, and he'd lose some uniqueness...
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Anyone made a high trap count / trap recharge time Huntress yet? I'd imagine that'd rock, if you could get her traps to multi-crush groups who stop to hit a barrier, or get stuck in her gas traps.
I've been playing a high damage / high charge variety, and theres something very satisfying about watching a group who'se been working on a wall for a few seconds get blasted to the four winds by a cheap little proxy mine, haha. And watching 4 fire fields tick the life out of a group of enemies is maniacal-laughter worthy.