I think this problem can be really annoyed especially for a new players and it should be quickly solved in future expansion or the potential and popularity of the game can be lost... In future expansions conception and rules of Talisman need to be elaborated to make a play much more efficient.

Dungeon Master said:

No, it's not really.  The Elixir of Life can be used every time a character loses a life, including from the Command spell.  The Armor is much easier to get rid of, as it only saves a Life as a result of Battle.  It doesn't protect from Psychic Combat, Command spells, other spells, etc. 

Besides, if one person beats another in Battle, they can take the Armor instead of a Life and easily neutralize the effects of the other character's Armor.  With the Elixir of Life, if a person is just running around the board, bound and determined to draw the game out, it can get a lot more tedious than someone with Armor.  Especially if you are playing a character with high Fate.

Not to mention the fact that when it's a one-on-one duel to the death, it is usually just a series of die rolls.  When one is on the Crown and the other on the board, one character is still counting spaces, reading instructions, resolving Adventure cards, possibly moving Death, etc.

But back on topic, I do like the Treasure Cards overall, I just have a beef with the Elixir of Life.

Now that i think of it...

It would be nice if each realm contain new treasure cards.

Because there is no realm name on it, all the treasure cards can be put together on one big pile

Yesterday when i defeat the LOD, i drew a talisman treasure card damn.... ( i have one already)

Bad luck

It did not matter anymore, because i won the game Muwhahahaha