Technically, they are, cause Rag's dead. If you did the fight on Heroic difficulty and got the extra phase, with Malfurion Stormrage and Hamuul Runetotem, we murdered the bastard. Inside the Firelands. Which means he can't regenerate.
Like SonGoku said in the Buu Saga, "Frieza...in hindsight, he wasn't much of a hassle. He was strong, but not THAT strong."
By the same token, with all the shit we've faced by now (old gods, mad Dragon aspects, the Lich King, Kil'jaeden (twice), Archimonde (twice)) yes, Elemental Lords aren't that big of a deal. But in Vanilla they were. Hence, nothing in vanilla should surpass Rag loot. And in some cases, it doesn't. I'm looking at you, Choker of the Firelord & Onslaught Girdle.
Edit: woohoo, just passed 500 posts. Only took me a decade+ xD