My 2 cents - separate the gameplay aspect from the realism aspect, and let the game-play drive the decision. It's a fantasy fictional game and those are written in reverse order of importance.
Granted it is a fantasy game, at the same time reality has a lot of inspirational material. Detailed models do provide a lot of emergent strategy and simply looking at what would happen "in real life" gives us reasons why particular strategies would and would not work.
And simply because something is "realistic" does not mean it's complex. Realistic simply means things resolve in a believable way. There is a sweet spot where "realism" intersects with "simplicity", IMO.
While I agree that realism is a good thing, why should we strive for "simplicity" and shun complexity? Complexity is a good thing, IMO. This is a strategy game, not candyland! Complexity often leads to diverse and unique strategies, and endless possibilities. Look at Dwarf Fortress: even though its still an unfinished alpha, people have done some incredibly awesome things with its extremely complex systems, it's been all that I've been playing while waiting for Beta 2.
For example: Mermaid farming.
Because of the obscene valus of mermaid bones in the game, one player captured and bred mermaids for their bones. If the game had been simplified and abstracted, this, and many other projects would not have been possible.
In fact, the combat system in that game is amazing: it even tracks organs, bones, and even teeth: if one of your dwarfs loses an arm, it's gone forever, a leg, they'll need a crutch, making you think twice before you put a powerful hero into a dangerous situation, he might never recover fully. With HP systems, you can go down to 1 HP, and be fresh as a daisy, after some recovery time.
And so, I see no reason complexity should be shunned, it may take longer to learn the game, but after you do, it shall be far more rewarding.
I'm not saying we should make Elemental as complex as Dwarf Fortress, that would be incredibly difficult and time-consuming, but we should embrace complexity with open arms.
Though if it weren't an almost unattainable goal, I'd say make it at least as complex as Dwarf Fortress.
Though I'd probably be the only person to ever play it. . .