As far as the Cowardly goes, I'm not all that big on it because it just seems like an overpowered version of Pillaging- With Pillaging you're going to end up (frequently) with 3 counters on a region and you'll get a +1 bonus for having taken a counter off the board. With Cowardly you're going to end up (frequently) with 3 counters on a region and you'll get a +1 bonus for having been 3 stacked, however, even if there are no single counters that can be reached the Cowards can still get the bonus just for 3 stacking.
I realize that in our game the Gypsy/Coward combo is just a really good one, and that Cowardly wouldn't always be such a boon, but I still think that it's just a better version of Pillaging.
For Cowardly, I see it more like a variant on Merchant with a slight different gameplay...
In our game a similar gameplay effect could have been obtained with Merchant Gypsies.