While I agree that in the modern world that women have as much potential as men do, in the past- and in any internally consistent fantasy setting in the "past"- this was/is not true, both from a cultural standpoint and a biological one. Frankly, it takes a lot of strength to swing a sword or pull a bow effectively, and a woman will always have to put more training into achieving the same level of strength. Female snipers and submariners, however, can easily be as effective as male ones in the modern world(in fact, women submariners are more efficient, as they tend to have less mass and thus use less air, ect.). Also please note that a determined woman can be much stronger than the average man; it is only that it would be somewhat more difficult for her to reach that level than it would for a male.
If one must make a balancing element, perhaps one could say that women are "more connected with nature" than men, and thus have a comparative advantage to men in magic, and that men can achieve great things in magic, but they have to work harder than women do to do so. And, furthermore, this could be unique for different races, as humans are somewhat odd in the fact that men are stronger than women- see big cats and bears, as well as nearly all the great herbivores. (However, it may be unwise to praise a woman by saying that she reminds you of an elephantess.) It could easily be that Male and Female dwarves are equally strong (the beards would bear out the idea of similar body structure(though the new raws seem to have removed them)), and elven men may very well be much weaker than the women... it seems elfish.
This biological argument does not go into sociology; If this is supposed to be a midevil-like culture, then there is no reasonable way that there will be many professional female soldiers. Naturally, Dwarves are mores egalitarian than humans, and elves may be the inverse, as Three Toe's stories tell us. The intelligence idea has no meaning in today's society; women can become more 'intelligent' just as easily as men, they can have the same skill at spatial reasoning, mechanical aptitude, tactics, craft, and so on. However, the opportunity to be an expert in some skill or craft would not be there because of existing prejudices; no self-respecting craftsman would take on a girl apprentice (though such an occurrence would make a good idea for a story, and indeed, the struggle against social adversity could be very interesting as a game play element...)
In a nutshell: In a realistic(that is, internally consistent) setting, men would have an advantage over women as adventurers, but not through any fault of the women. Having such differences would be a realistic and more importantly fun element.