HE spearmen do become the nastiest thing on the gaming table when Mindrazor is cast on them, but unless they are able to make that extra rank of attacks be able to do damage not much gets accomplished. Str3 attack, even with an extremely high hit rate, isn't going to kill many enemies. Especially ones with good armor saves and/or high toughness.
If they get Str buffs and/or made more resilient then can be nasty. otherwise they don't kill fast enough before they die themselves.
The problem with relying on magic is that your magic can get shut down, unless you have Teclis. Teclis wrecks the power curve by making the things the elves need to perform a Certainty and that brings them from meh to OP. other HE mages can do his job, but they don't do it as reliably or as powerfully. And, with such poor troops, one bad magic phase can see your army fall apart. And many armies specilize in creating one bad magic phase for their opponents so they can get that one combat round where they demolish you.
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