The destruction wrought was terrible, both the Elder races suffered tremendously, both Angels and Faceless brought to the brink of extinction. The Shantiri civilization suffered as "collateral damage". In a single night, most inhabitants of the Shantiri Empire vanished and the cities, relics and elemental forges were casted down, only ruins remain now. Only the intervention of the Seventh Dragon, Sar-Elam himself, stopped the fighting by forcing both sides into signing a peace treaty, the Twilight Covenant, in blood and magic.
The survivors fleed to different parts of Thallan, founding their own kingdoms. The Faceless were blamed for the outcome and as such went into hiding, now they are only heard of in rumors. The Angel's on the other hand were granted asylum in the Falcon Empire, which began its transition into the Holy Falcon Empire. In the coming centuries, the Shantiri was slowly forgotten, and most of its magical knowledge lost, now mostly heard of in stories and legends.
The Primordial Dragons also became myths and were slowly forgotten, only the Elemental Dragons were worshiped, albeit separately and by different members of the Elder races. The Demon's benefited from the general confusion and ignorance to establish a foothold in the world. Lurking in uninhabited places, they slowly gathered their strength, until they were ready to launch an assault on Ashan.
Since the Wars of Fire and the sacrifice of Sar-Elam, most inhabitants of Thallan have remembered the Primordial Dragons and the Shantiri Empire which therefore started many adventures into finding treasures and knowledge belonging to the ancient Shantiri.
However, the Elder Wars had lasting effects on the angels and the faceless. Some angels wished to finish off the Faceless as revenge, like Uriel, who lost his brother and mother in the war, beginning his vengeful crusade and infamous deception. The Faceless were now feared, mistrusted and sometimes hated for their part in the war forcing them to hide in the darkest parts of Thallan, now they only reveal themselves individually and only to those they deem "allies", like the Dark Elves.