Played with them, very cool stuffs. Unlike Cycerin, i found the Nukes not that incredible. Sure you can take down multiple frigates with one missile but that's the only advantage of it. It has kinda low range, very few ammo (1 missile for a medium mount!) and while they are pretty punchy, if you need raw power to pierce trough armor, reapers are better. They are just very good frigate killer, and only when said frigates have low shield efficiency or no shields at all.
So they are only good against pirates and Hegemony (their natural enemies). But even then, Ilkhannae weapons are very armor bursting centered (fusion lance, the destroyer's Hephaestus and the phoenix rockets...) they don't really need the nukes on top of that. So while they are very good against heavily armored opponents, they kinda suck against shielded ones. That's one of the reason i switched the Hephaestus on the carrier with a Gauss cannon, it open the path for the Gunships to wreck the target.
Other than the nukes which i'm not a great fan, the faction seems well balanced to me. Though the lack of ships make the experience with the faction a bit short. But hey, better fewer good ships than a lot of scrap no?