To understand this argument at all, you'll need to understand a little bit more about AC that you probably know. Armor class matters only in increments of 10. 1-10ac is the same, 11-20, and so on. For your armor class to affect your character's performance, you must reach the next "+1" plateau.
A human with 100 agility can get -130ac with no max_agi gear, because his racial agility modifier is 100. A grey elf has a racial modifier of 130 and can obtain -151 armor class with no max_agi equipment, and a gnome caps out at -145 with a modifier of 120. Compare the naked armor class of a human, elf, and gnome warrior:
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Level: 1 Race: Human Class: Warrior
Age: 17 yrs / 0 mths Height: 71 inches Weight: 220 lbs
STR: heroic AGI: perfect DEX: good CON: heroic
POW: mundane INT: mundane WIS: mundane CHA: average
Armor Class: 70 (100 to -100)
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Level: 1 Race: Grey Elf Class: Warrior
Age: 120 yrs / 0 mths Height: 60 inches Weight: 99 lbs
STR: mighty AGI: perfect DEX: mighty CON: good
POW: mundane INT: average WIS: mundane CHA: average
Armor Class: 49 (100 to -100)
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Level: 1 Race: Gnome Class: Warrior
Age: 90 yrs / 0 mths Height: 42 inches Weight: 77 lbs
STR: good AGI: perfect DEX: good CON: heroic
POW: mundane INT: average WIS: mundane CHA: average
Armor Class: 55 (100 to -100)
So what does this mean for max_agi gear? Well, I'm glad you asked because its pretty important with how many of us have been running around with piles of the stuff on thinking that its been doing us good. An elf can reach -151ac with 100 natural agility, which means that you need 10ac from notching your agility to receive any benefit. The problem is that the first agility notch for an elf is 5ac, the second is 4ac, and the third is 3ac. Meaning that you have to wear 123 agility to hit the next effective ac notch. I know it sounds outrageous, but its the simple truth.
The great part about playing races with high natural stats is that they benefit more from max_stats as the racial bonus is factored in after equipment bonuses. 160/1.3=123.08 where 1.3 is the racial adjustment for grey elf agility. Refer to the Notches Table for a clearer picture of what I'm talking about. The AC value for 148 MinValue is 4ac, and while I don't know exactly what the ac value is for 160, its at least 1, which is the next notch so it really doesn't matter. Yes, 123 agility is obtainable but its fairly difficult and forces you to sacrifice a fair amount of hitpoints and saves.
Now lets look our big-nosed friends, Gnomes. Gnomes have 120 adjusted agility granting them a natural ceiling of -145ac. To reach the next armor class plateau of -151 (precisely what elves have until they reach 123agi), a gnome needs to wear 3 max_agi. (124/1.2=103.33) It will take them substantially more to reach the next ac notch than it does as elf (160/1.2=133.33) but as far as I'm concerned, 10 ac doesn't compare to the large difference in hitpoints between the two races.
Warriors have 337 base hitpoints before factoring in race. At certain con notches, you get a +1 modifier which grants you 50 hitpoints. Elves, with 85 adjusted con are granted a +3 bonus, but have a racial penalty of -1 placing them at +2, with their first con notch obtainable with 101 con (86/.85=101.18) Gnomes have 100 adjusted con, and no racial penalty granting them a +4 bonus to hitpoints with their next bonus at 101 con.
Edit: In the interest of fairness, gnomes do have lower strength and dexterity than elves which may affect parry/shieldblock to some degree. No testing has ever been done to determine exactly how much stats affect actual blocks/parries/dodges, but its generally agreed to be minimal.
TL:DR - It takes 123 agility for an elf to have more armor class than a gnome with 103 agility, where a gnome will always have 100 extra hp and much more versatility in equipment selection.