dtgreene: ...because of a choice that should have only been aesthetic?
Hrymr: Well, I think it's just like characters race. Devilish can wear cursed items, fearies are not able to use most of the stuff and so on. If differences between dragon, elf, and dwarf were only aesthetic, then it would be pretty boring and bad for gameplay.
Here is the thing:
When it comes to races, there is (at least on paper) a fair trade-off. Devilishes can't wear certain holy equipment, fairies get some unique equipment (including, relatively early, a weapon that would be very nice for a fairy brawler), dragonewts (which I would argue are a bit too powerful) have low mental stats. Furthermore, the game makes many of these trade-offs rather clear.
When it comes to genders, however, there is not a fair trade-off. Male characters get exclusive access to too much of the best equipment, while the only comparable advantage to female characters is access to the valkyrie class, which is useless for characters you don't plan on using in one of the classes. Furthermore, the game doesn't make it clear that this happens until rather late in the game, after you've invested in your characters quite heavily. (Also, I note that for Valkyries, the best spear that doesn't require stealing from the game's superboss is female only and can't be used by third-gender Valkyries.)
It's nice that the game lets you create female characters, but it isn't nice that they (and, with the exception of the ability to use one specific piece of equipment, third-gender characters) are inferior to their male counterparts. To me, female characters ought to be equal to male characters in terms of their capabilities. (Incidentally, I also have a similar issue with the SSI gold box games; female characters have lower strength caps than male characters.)