So, here are my current experiences with the system.
Currently i play a ranger, who choose the wolf companion (which is quite a weak one, so it is more an RP tool than a combatant), using it as basicly a dog.
The companion is currently allways one level higher than my character, so it costs my level +100 gold to raise it.
Yet that one level really does not help the companion since it's AB,AC and HP gain are quite...well weak.
I regularly use the companion as a travelling companion when I do deliveries to Kroffburg.
At one time both the companion and I have been critted by the craig cats, whom I did not spot. (Had terrible luck with rolls, whereas the craig cats did not. My char is a spotter char.)
So basicly in a turn both my character and his companion ended up dead, and most likely the ox as well.
In this case since there were not many online, and since it would be quite OOC-ish in my book to ask for some logged on character for a raise help, i did a respawn and ran back.
I lost a level, and thereafter i had to pay my level+100 gold to raise the wolf, that actually is usually utterly useless in combat.
It does not matter if it is buffed up or not, since its Ac is weak, its AB even weaker, and hit points wise, it has slightly more than half my chars HP.
YET! It costs more to raise it, then my character!
So currently the animal companion is utterly useless.
The places where you could use it as an RP accessory are very limited, since many places at least have wildlife on them, and even the boars attack them.
The AI of it many a times just discards their given commands, AKA you command it to stand ground, which it does for 3 seconds then runs off chasing something that will kill it. Or when it should attack since it is being attacked, it just stands still, and waits to be slaughtered. The special ability it has, howl, it barely uses.
It does very low damage, has very low HP, and very bad AC. Not even buffing up helps with it, since using potions or Magic Fangs on it, is well a waste, since two lucky criticals and it is down. (Sometimes even one is enough, it all depends which acomp you choose.)
With the current system in place it actually encourages to use the HIGHEST hp having companions to be used, which actually hinders/limits the RP useage of the creatures even more. Since mechanically if you want to benefit from your animal companion the best choices are Dire Wolf, Bear or panther, since these have the highest HP.
I understand why the system was implemented, however placeing the companions with the familiars in pair seems a bit, needing a reconsidaration.
Since most familiars actually have something special about them/ on them.
DR, magical attack(curse, poison etc.), spell casting abilities, etc.
Whereas companions have: some have disarm or KD, but with VERY low AB, and the panther has evasion. And that is it.
Also a caster basicly can make them have 50% concealment which is a life saver, while druids and rangers...well at best barkskin or cats grace, or waste a number of potions on their pets to make them into a weak-mediocre usefull accessory.
My suggestion is to at least half the raise costs for animal companions untill the HAK arrives, where awaken will be a raise for acomps.