I understand why Night Elves were presented as on par with the Alliance and the Horde, but I think it’s worth mentioning a big part of why Night Elves were able to go one on one with them was because they had A: the Ancients backing them up, whom apparently suffered heavy losses during the third war and were never very numerous to begin with;
and B: had a great deal of aid from other residents of Kalimdor who have either apparently wandered off and aren’t helping Night Elves in any capacity as far as I’ve seen;
seemingly committed themselves elsewhere and are offering little aid to the Night Elves;
or only just reappeared in 8.1 allied with Night Elf forces, as far as I am aware;
People complain about how Night Elves were neutered between WC3 and WoW, and it’s surprisingly accurate considering nearly all the heavy hitters for the Night Elves just aren’t around.
It’d be like if between WC3 and WoW the dwarves pulled out of the Alliance, and took most all their tech with them, or if the Tauren left the Horde, and took all the kodos with them. They’d still function as a faction, but they’d be operating with one hand tied behind their back.