What are the advantages and disadvantages of being a woman in Mount and Blade: Warband
Disclaimer: I have never played Mount and Blade. The following information was gained entirely through secondary sources.
When you play as a female character, your starting stats will change - you will, relative to a male character, have +1 AGI and +1 INT, but -1 STR and -1 CHA [1]. In addition, a woman of noble background will have different starting skills to a man of noble background: women will get Riding, Wound Treatment, and First Aid instead of Power Strike and Tactics [2]. A similiar change in starting skills applies to a woman of nomad background compared to the male counterpart.
As a female character, you will need more Renown to do things. The base requirement to join a faction is 150 for men, but 200 for women[3]. In addition, it is more difficult to get a fief as a woman, unless you have a large amount of Renown (700). If you play as a woman, the lord who owns the castle associated with your village granted to you will deny you entry into his castle [4].
The marriage system for men and women is also different. The system for marriage for women may be considered simpler, but possibly more difficult [5]. It is very direct - find the lord you want to marry, increase your relationship with him, and then ask to "cement the alliance to their house". The wiki page suggests that a female character "may gain more from a marriage than her male counterpart", but it doesn't elaborate on this. One last thing: female characters also can marry a Hero, which male characters cannot do [6].
Altogether, it seems like playing as a woman is overall a disadvantage [7], as it seems the cons outweigh the pros.
[1]: http://mountandblade.wikia.com/wiki/Player
[2]: http://mountandblade.wikia.com/wiki/Character_creation
[3]: http://mountandblade.wikia.com/wiki/Renown
[4]: http://mountandblade.wikia.com/wiki/Fiefs
[5]: http://mountandblade.wikia.com/wiki/Marriage
[6]: http://mountandblade.wikia.com/wiki/Heroes
[7]: http://www.gog.com/forum/general/mount_and_blade_warband_female_character_confusion
From my experience playing the game, playing as a female character could be considered the "Hard Mode" within Mount and Blade: Warband. It's less of a disadvantage and more of a way to give a challenge.
They have a unique way of getting Renown as well, but it could be a gamble:
If you counter a lord's remarks about you being a maiden, it is possible that you may get Renown for this due to them admiring a quick tongue and an equivalent wit. However, they may also lose relations with you, try to duel you, or even send their army at you. [[1]]
Overall, it's more of a way to make the game much more difficult than it is as a male character.
Source (Last bullet in "You can gain renown in a number of ways:")