Before I said that elves would win... but now I'm not so sure. I just read a letter by JRRT (at the start of my copy of the Silmarilion) and in it he says that the fleet of Numenor could (as in had a chance) of destroying Valinar. That is why the Valar appealed to Illuvatar for help (and thus the sinking of Numenor and the removal of Valinor from the world occurs). This made me think that I may have underestimated the strength of men at their peak.
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