I've been testing out effective strategies in RTW DM Multiplayer, and I have found that playing Egypt, getting 3 G/G Pharaohs Guard, 3 G/G Ptolemaic Garrisons, 2 Nubian Spearmen 1Chev each, 4 Pharaoh's Bowmen G attack, and 3 Egyptian Chariots G/G is really effective for 17,500 Denarii.
It basically allows you to engage any number of phalanxes (due to the number of men in the Ptolemaic Garrisons, which are HUGE.) and the Pharaoh's Guards for flank charges, because they only have medium spears. (And they kick ass with swords!) and flank with chariots, and leave your general's chariot in the back, for inspiration to your men, and intimidation to theirs, as typically Phalangites have low morale, use the Nubians to flank and hit the back, and the phalanx will fall swiftly. Also, Pharaoh's Bowmen kick arse in melee, they can beat Armoured Sarissforoi. Plus chariot flank charges leads to one hell of a dead phalanx, and their cavalry and archers are not worth worrying about due to the chariots.
It's a decent strategy, I've found. It seems to work rather well against any phalanx-based army.