I think it's better than Arbor elf because it always produces Mana.
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[~450][Unpowered] Nathan's Cube@CubeTutor | @MTGSalvation [Custom] Nathan's Custom Cube@MTGSalvation [Theme] Myr Servitor Cube@CubeTutor | @MTGSalvation
C14: Dualcaster Mage, Flesh Carver, Malicious Affliction, Song of the Dryads, Hallowed Spirit Keeper || On-deck: Feldon of the Third Path, Myriad Landscape, Daretti, Scrap Savant, Teferi, Temporal Archmage, Ob Nixilis of the Black Oath
I've actually been super happy with Avacyn's Pilgrim. I take it higher than Llanowar/Fyndhorn elves, certainly, considering it gives you a colour of mana that you don't already have. Avacyn's Pilgrim certainly made me feel better about playing Elesh Norn as one of my ramp targets in my (almost) mono green deck a week ago.