I saw both of these at the store today and I have to say I ws disappointed with the Arms & Equipment Guide. It's thin, for one, and hardcover, so that makes it seem like it's just hardcover to jack up the price. It's a hardcover "splatbook" basically. Flipping through it, I was again let down a lil. The all black and white doesn't bother me. What bugs me is the lack of illustrations for everything. I want every damn item illustrated in an equipment book. Some of the vehicles just had sillouettes showing their "turn" locus and pilot position. I actual pictures of what everything looks like. I kept thinking "Why didn't they just cram this stuff into the 3.5E books?" On the plus side, I do like some of the new equipment in there, and I think all of the weapons had pictures. It was nice to have the items from the class books in there, 'cause I am not too keen on the classbooks and in fact plan on selling the three I have (cheap! but like anyone would buy them), but some of the weapons from them I did like. I really liked the airwhale thing a lot, and could see putting it in my game world easily, But no way in Hell am I gonna buy a book for just one thing. And it's waay too taboo to ask for it's stats from anyone. This makes me wish there was a way to buy just like one page of material from a rule book. I'm really trying to become more conservative with my roleplaying purchasings, so I'm trying to buy only the stuff I think I will use in a game. Unfortunately, the A&EG doesn't have more info than not that I would use. Close, maybe, but it's WAY overpriced, hardcover or no.
Races of Faerun I just don't have a use for right now. I feel I have most of that info in the FRCS and Monsters of Faerun combined. Plus, I don't even play in the Realms, I just use some of the material from it.