just looking at it objectively, there's no reason to run faeries. They almost have a complete spellbook. They have no attacking power to speak of. Their magic efficiency is beaten into the ground by elf. Their magic damage is beaten &/or matched by Dwarf and Human. Their thievery efficiency is beaten into the ground by halfling. Their thievery damage is beaten by Avian and Human. Every race is capable of exploiting honor and whoring it out to get ridiculous bonuses, so you can't use that as an argument. Their defense is pretty irrelevant since it will be taking a hit since faeries now need more thieves/wizards (or they'll keep the same defense, run less wpa/tpa and be ineffective).
The only race that faery really has some sort of advantage over is Undead, which just happens to be the one race that can actually afford to conquest down faeries (assuming non-cleric for the other races).
