I agree with Aya, no side has the resources to actually win.
Everyone lacks the ability to actually take a great land power like Ul'dah. Everyone lacks the ability to somehow counter the elementals, and everyone lacks the ability to mount a naval operation against Limsa.
I think Ul'dah has the highest chance of eventually winning due to it's high (and increasing) modernization. They have trains, cerulean mines, mass production, and the money to fund mercenaries.
Like I said earlier though, it would likely just be skirmishing that would end in a treaty favorable to one side or the other. In other words, exactly what is happening on the Cartenau flats.
Everyone lacks the ability to actually take a great land power like Ul'dah. Everyone lacks the ability to somehow counter the elementals, and everyone lacks the ability to mount a naval operation against Limsa.
I think Ul'dah has the highest chance of eventually winning due to it's high (and increasing) modernization. They have trains, cerulean mines, mass production, and the money to fund mercenaries.
Like I said earlier though, it would likely just be skirmishing that would end in a treaty favorable to one side or the other. In other words, exactly what is happening on the Cartenau flats.