I'm not 100% percent sure that I agree with this, but I'm passing it on anyway.
I've been engaged in a campaign with a few of my friends, and one of them is convinced that the Ettin is unbalance, particularly the Master Ettin.
He references that it gets two grey defense dice, has Surge: +3 dmg, and in some Quests (like Encounter 2 of Castle Daerion) it can be reinforced.
He feels that these things, combined with its high health (higher even than the Shadow Dragon) makes it unbalanced in favor of the Overlord.