So we need high level armories, and benefit from multiple ones, as we will use them to produce orcs ( I guess. ) Why the heck did I build a bulwarks for, then? It was supposed to be so I could build more troops in my barracks without the huge culture loss.
I kind of assumed from what I saw that you just needed one armory at level 20 to produce orcs, and once you had at least one the production was governed by total training squad size (which comes from total of all levels + bulwark). So the lvl 20 armory is just a gating mechanism to prevent you from building orcs before you have at least one of that building at that level, not a production house of its own. Oh, and I bet orcs take a TON of slots, probably more than sorceresses or treants or granite golems. If that's true, you would need a bigger squad size just to train them (which means more armories as well as the bulwark).
If this is accurate, then the bulwark is still useful. Sort of. I did notice that the lvl 20 armory has +69 and the lvl 15 Bulwark only has +68, but that's pretty minor and the Bulwark does have the advantage on ranking points (and no culture or population loss if that's what you were looking for).
EDITED: NO, of course this isn't correct. The armories are now production houses, so having a bulwark is again a disadvantage. And I just built one. What a waste.