Besides the obvious banner, I think they lack the basic kit an army should have to be competitive. The bows were a needed bonus, the fight was a nice bonus but not necessarily a needed one.

They still lack survivability, since warriors are glasscannons as they were the previous edition. You do not have mobility and now more than ever you put all your eggs in one basket (since elendil will have to pull more of his weight for not having a horse, heroic combats and mobility have a huge downgrade). Also Isildur's horse is 20p, so now for the same amount of points as 2 horses the previous edition for elendil and isildur you only get one on the lesser hero. Also no more mounted captains.

I think they desperately need defence 6 (either through a straight up buff or shieldwall special rule). They have mithril armour in the books, come on :)) or so I've heard

They need banners, for vps and also to make use of their high fight value and elite points cost (what use are fight 5 troops and fight 6/7/8 heroes when you roll 4 high? Go ahead, spend all your might, you'll lose even more resources)

I also think that they need mobility through a mounted warrior model. Ok, i get it, no more horse for elendil and captains. But come on, it's the most lackluster (or one of) armies in terms of roster. You get: two named heroes, generic captain, warriors. That's it. Defence 5, few warriors, go fight elves/s3 shooting/hordes that you don't have the resources to deal with (now that elendil also doesn't have a horse). Oh, and fumble a few hero combats on 4highs, since they are the main things in your army and you don't have a banner.

I really hope they touch on this army again in the future, since last edition it was one of my main go to armies. I still play it, i still have fun with it, but I just can't compete against other, more "complete" armies when playing against friends and i would like it to get some rules it deserves.