None of it good.

Though, to be fair, many of his complaints were about what happened in Italy when a good fraction of the battles were mercenaries against mercenaries. The mercenaries agreed to all sorts of rules to make their lives nicer - and then failed miserably when challenged by invaders (eg the French) whose soldiers didn't believe in things like taking breaks at certain times of day.

However he has plenty to say on the risk of mercenaries seizing power. (And he also has some practical advice for mercenaries who wish to successfully do so.)

Cheers,
Ben