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In a one-on-one fight, the Great Eye or whatever it's called from the Dungeon wins.
Here's why: (high speed, shoots, 22 health, high stats 10-8, no melee penalty). It can get close to an Elf and beat it, it can take down a Griffon with ranged attacks, and it can simply overpower a Serpent in melee. And not to mention its usefulness as a combat unit in an army; it's probably right after the Royal Elf!