In what way are iron and ender pearls equivalent?

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I do think it should be a bit more than iron, but nothing from the nether or anything. I really like that you have an alternative to mob hunting and nether exploring.
 
Monkeyfarm made one in his 3rd World LP. In what way does a 42-m rectangular drop trench in the End not count as 100% effective?

sarcasm, man....

let me rephrase:
an entirely vanilla enderfarm should be capable of delivering more enderballs than you know what to do with, so the OP's perceived scarcity is unfounded.
 
you build a 3x3 roof 2 blocks above where you're standing, you look at as many enderment as you can, smack them about with a looting 3 athame. Enderpearls for dayz!