“Heroes of Might and Magic V: Tribes of the East”

Judging by the beauty of the units, I would put Dark Elves in first place, followed by the dragons from the regular Elves (the dragons are drawn very beautifully there, except for the skeletal one), and of course, the angels (archangels). As for strength, I still wouldn't say that the magical factions are strong (any of the three – Dark Elves, Necropolis, or Academy).