[Thingol]

Lets consider the facts:
1. All those that kill a Balrog are themselves killed in the process.
2. Every person who killed a Dragon survived.
3. Look at the types of people it took to kill a Balrog. Ecthellion, Glorfindel, and Gandalf. Two of the greatest and most powerful elves ever to exist and Gandalf, enough said.
4. Bard was able to kill Smaug, no offense to Bard but he's no Gandalf.
5. The Balrogs have quite an impressive resume of slain elf lords; Feanor, Fingon, Glorfindel, and Ecthellion. They took Maedhros and Hurin (the greatest mortal warrior ever) hostage. Dragon's haven't even killed any lords of men, let alone someone like Gandalf.
6. Just because Balrogs don't speek doesn't mean they are not smart. A few Balrogs knew to get out of Beleriand during the War of Wrath, the dragons just flew out to be destroyed by the Valar. The Balrogs definatly have wills of their own, where as the Dragons probably were wholly under the power of Melkor, at least at first.

The Dragons might be more physically impressive, capable of doing considerable damage to an army for example, but in Tolkien's works it is spiritual or magical power that is of more significance. Gandalf and Denethor never clash physically; fireballs don't shoot from their eyes, their wills clash like unseen swords. It is this unseen power that is the real measure of how strong one is in Middle Earth. The Nazgul have this dark spiritual aura that is matched by the white light that comes from Glorfindel and Gandalf. In all of the major confrontations in the Lord of the Rings (Gandalf and the Balrog, Glorfindel and the Nazgul, Gandalf and the Witch King, and even Sam and Shelob) the real battle is fought in the spiritual or if you prefer magical realm. Sam doesn't defeat Shelob with his physical strength, his spirit is given a boost by the Phial of Galadriel. It is not clear whether or not Dragons are inhabited by Maiar or are beasts with the power of Melkor infused into them. Even if Dragons are Maiar they are still only inhabited by Maiar, the Balrogs are in a more "pure" form. In Tolkien's works, as a creature becomes more bound to a body it becomes less powerful. The Balrogs are pure spirits of shadow and fire; their aura of power is not masked by any bodily form, it emanates from the center of the shadow that they weave about themselves. On the other hand the Dragons are not described as having an evil or dark aura surrounding them, they are merely terrible to behold. One on one I doubt that even Ancalgon the Black would be a match for a Balrog.

[ February 26, 2002: Message edited by: Thingol ]