this is how i see it:
men-weak infantry low cost , best defence but can be powerful in numbers, great calvary and naval force.
elfs-Best archers in game, makes great use of stealth and magic, weak defence.
orcs-great infantry and siege but low magic capabilities, great scavengers.
dragons-slow and strong can realy take out alot of infantry but it has a price , rules the air, and good magic capabilities but not the best.