While it's tempting to blow my new vote to cancel that out, I'll just respond (which I am sure you knew was coming
) and then spend my vote on IMO a better target.
Angmar, have a very wide range of options - Barbarians, spirits, monsters, monstrous spirits, Wraiths and orcs. Their mainstay units are 30pt def 4(6) fight 4 warriors with the Berserker rule, that is one of the best heavy infantry in the game and the only heavy infantry that IMO surpass them are rare choices. These units can have characters in them. Gulavar is not as good as Buhrdur, this is true. However, a more reasonable way to put that is that Buhrdur is an incredibly good deal. The Tainted and Dwimmerlaik both have very useful special rules (and I do know what they are) in terms of synergy with the Angmar army and, let's face it, all the 125pt Ringwraiths are a steal. It's just that with Khamul out there still being used as a crutch, other very good characters get over-shadowed. I find them excellent value even using my house-rule to run them at mastery 2. The Witch-King compares well with most other 200pt spellcasters. He is not quite as good as Galadriel or Gandalf, but they are the top-tier in that points range and he is much better in a duel. He has the added advantage that I can take him RAW with a clear conscience
I still only take him once I have used up my other two Wraith choices first though.
I'm giving my vote to the Elves. -1
Their perks are a slightly higher mobility, high courage, terror, and high fight. Their mobility is definitely a good perk, as is high courage. High fight however is just a joke. Something like 2HW (or berserkers on the charge etc) double lethality most of the time where a +1 increase in fight adds but a single dice to the company's attacks, and they could be denied that increase in some situations. Both seem to be costed similarily. Elves do have some good heroes but just do not get the sheer cheapness (Thranduil excepted) of really good characters that the evil lists get, so cannot leverage this in the same way. So basically we have a smaller, faster, terror causing list that can't dish damage or take it to the level of the other lists out there (if they are properly composed).
So:
Gondor - 8
Rohan - 7
Elves - 5 (-1)
Dwarves - 8
Mordor - 1st
Isenguard - 5
Moria - 6
Fallen realms - 6
Angmar - 4