Yet.. when it comes to balance... yes, yes, I know I know.. Still, let me tell my experience.
I know skills count most in the combat system, yet I feel like agility is a factor greatly underestimated. In its help file it says agility affects how well can one dodge in combat. In my experience.. it does not really affects. An elven character with epic, or even immortal agility gets hit by opponents just as easily as a dwarf with like swift or just agile speed.
In my experience speed is not a major factor in calculating the number of attacks either (specials does not count in these terms) as I did not experienced that the base number of attack would have been increased by speed. I mean I did not experienced my character with epic agility as an elf would have twice the number of attacks as an agile dwarf. This means they CANNOT deal damage faster either.
Dwarves are smaller and stockier thus their armour protection rate is better, have higher con so soak more and can take hits much better than elves. That is fair. Also fair.. as dwarves are stronger they can carry more armours (more protection) than elves.
Yes, there is a skill called 'deflect' for lightly armoured ones, but I do not really know how much does that effect things (IMO only soaks a little damage)
This means: Elves can be hit relatively easier (as speed is not a serious factor when calculating defence in the terms of the current info files) can take a lot less damage and also bleed easier. Also.. they CANNOT deal damage faster.. so why to improve agility at all?
currently the answer is: No idea (well, I like the info saying you are halfway to epic or immortal or ultimate agility, but sadly that is all)
IMO speed should be given a bigger role. Hopefully both in defence and attack though at least either one of them