So yeah, as you guessed, I think if there's no limitation on how long a fighter can make melee attacks, but the mage is limited by power, then spells should be slightly more effective.
Well there is a RM discussion on that very topic and how people are wanting a better balance for arms users, especially at later levels. Honestly the same goes for HARP. At higher levels the mage has many more options and powerful spells, whereas the non-spell using types are limited on the things they can do with what they've learned. Even with magical assistance they still lose out, as mages can also get magical assistance and probably be better at it, i.e. mages can more easily attune to magical items than non-spell users. Point for point as time goes on the balance is always in the mages favor. But in my games I have drawbacks for mages and their ilk, things I will be porting over from RM when i get the chance.
So in the "Elemental vrs Physical" attacks, this isn't a major issue if you keep the damage close. Which so far it is on my tables, except the crits for elemental attacks happen sooner. You see on the tables I am developing a crit doesn't happen automatically all the time, like in HARP fantasy and Martial Law. I leaned towards the RM style of handling how often a crit happens. The tables I am designing are sort of a morph between the RM to HARP combat tables in The Guild Companion article and Hack & Slash (but with more balance). I may also be including a set of tables and rules where you have one (maybe two) page(s) for all damage and crits for all attack types. They are simple linear tables but they will work good for those who desire less tables.
So in essence (and to try and keep the thread going) on the tables I have developed so far, elemental attacks do slightly more damage than physical attacks and crits happen sooner. But, I would like to incorporate Thom's suggestion above:
I would say that elemental should begin doing damage at lower levels and continues with a low slope while physical begins at higher levels and has a steeper slope. Concept being that physical has to definitively hit while most elemental attacks simply need to be close to start damage.
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What do you guys (and gals) think about this; I will decrease the basic damage done by elemental attacks but keep the crits if not possibly starting them a little earlier.
Bruce