Oh there are plenty good mods out there. They are currently the best so far. Of course there is Sword of Damocles for Mount and Blade...
Here these are my personal favs.
Mount and Blade ::
Solid and Shade - Necomancer Mod. Quite fun, but you can get kinda Uber quickly.
1866: Western Mod - Wild West, who doesn't want to play Cowboys and Indians.
Sword of Damocles - One of the first Mods to include starting your own kingdom in the Mount and Blade.
Prophesy of Pendor - The orriginal, its out there somewhere. But I can't remember where...
Wedding Dance - Heh...
Mount and Blade Warband ::
1755 Old Frontier - Looks interesting, but hasn't be ported up to the most recent patch yet.
Prophesy of Pendor - Need I say more...
Brytenwalda - Again need I say more???
cRPG - If you like playing Multiplayer Go with this, you can actually level your character and he can be stronger as you play, needs a Separate Website account to do the leveling. Link in there somewhere...
There isn't alot of Mods at the current patch right now, but soon there will be, but the Patch broke alot of thing if you play an older mod *though you can if ya want*, so sucks to be you *and me* if you use steam to play it cause Steam auto updates...