I dont know about other companions sinse i dont use them... but im playing the game on Master and ive found that Frost (the horse) is a GREAT companion! I was fighting the Nettlebane Hargraven at level 10 with dual swords and she was tearing me apart, so i decided to get Frost in there to help me out that little extra bit... she (he?) did more than that, she kept all the focus on herself whilst i hacked the hag, and he still kept 9/10's of his health? :0
Frost has a good relationship with my character, so much that she feels like an NPC herself (in my head..) i believe are combat partnership aswell as our adventuring one will go a long way.
P.S. It doesnt feel like cheating since shes not invinsible so i still need to look out for her, and in my characters story she is sort of a partner anyways, so it stil feels normal to have a horse fight along side me xD