[Raynor]

Originally Posted by davem

Gandalf has a physical body not unlike that of the Children - it ages for one thing.

I agree (empahsis added):

Originally Posted by The Istari, Unfinished Tales

For with the consent of Eru they sent members of their own high order, but clad in bodies of as of Men, real and not feigned, but subject to the fears and pains and weariness of earth, able to hunger and thirst and be slain; though because of their noble spirits they did not die, and aged only by the cares and labours of many long years.

Originally Posted by davem

Obviously the Balrog has some degree of physicality - it can hold things, fall down chasms etc, but it doesn't seem to be an 'Incarnate' in the same sense as a Human or Elf.

Ditto

Originally Posted by The White Rider, TTT

Thither I came at last, to the uttermost foundations of stone. He was with me still. His fire was quenched, but now he was a thing of slime, stronger than a strangling snake.