How can you compare arials and elves/drow without bringing up the biggest disadvantage for elves/drow? Elves/drow have an uncoverable material vulnerability that arials don't have. Arials can completely negate their vulns or reduce them but elves/drow cannot and water/lightning weapons are few and far between compared with mithril/iron.

The problem with elves isn't that they can't gear, the problem is iron weapons will rape them brutally if they don't have damage reduction up. That was more true before evade but still holds very true today.