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The Grail can be called by different names: "cheat," "mega bonus," etc. (I don't consider it a cheat). The bonus it provides varies for each city; in one, it's more powerful, and in another, less so. Personally, I think it should be ranked as follows:
1. Rainbow
2. Colossus/Spirit Keeper/Soul Prison (but this is only if you're playing as Necromancers)
3. Sky Ship
4. Monument to War Gods/Flesh Eater/Earth Guardian
5. God of Fire.
Here's why:
Rainbow - no comment needed.
Colossus, Spirit Keeper, Soul Prison - give a bonus to all friendly heroes.
Sky Ship gives a bonus only to the defending hero and reveals the entire map.
Monument to War Gods, Flesh Eater, Earth Guardian give a bonus only to the defending hero.
God of Fire - a debatable bonus; "the presence of the God of Fire makes every week a week of demons."