You know what it is more than anything? It's the names. Taking inspiration from history is nothing new and that wouldn't bother me, but seeing names like "nippon" and "sylvania" does the opposite to me of what I think it's supposed to. Instead of seeing a cleverly placed cultural wink, I see a reason to roll my eyes. As with 40k though, I write my own army fluff and do rather enjoy doing that and linking my army with the armies of my friends. I love the Fantasy game and I don't hate the fluff, but I do have problems with it and no amount of clever twisting is going to make them go away.