The crazy damage and burst aside, I see no reason why the Panzer II needs 3 shots to be taken out by an AT gun whilst the Stuart and T-70 only require two shots, bearing in mind that the Ziss Guns fire slower than Paks. It's basically uncounterable with anything other than a fast Sherman/Stuart or T-34/T-70 so if you don't have one on the field by the time it shows up you're pretty much going to lose the entire map until you do. It wouldn't be as much of a problem is Bazookas weren't as awful as they are, or if Soviets actually had some form of infantry based AT which they don't. Even then, you can't go Bazookas because immediately after the PII Obersoldaten show up and decimate all your infantry unless you have dual bars.
Where as only the Stuart and T-70 can be held off with Shreks or Paks/Raketins since it only takes two shots to kill them. They also generally start getting very safe and hard to kill once the Shrek Blobs come online.
I think the PII needs it's health brought in line with all the other light tanks, and/or Bazookas and PTRS need a very large buff.
soviets have a much easier time than USF though. USF is fucking screwed until jacksons come out, although you can manage the Lusch (while bleeding horribly) with 2-4 bazookas and a lot of care.
and, for those who use one of the two doctrines, the M-42 is actually great against the lusch and pretty good at sniping infantry. try not to get more than 1 though.