And If what Luke tells us is true, then she is as much above Elizabeth as Jesus is above John.
JESUS is above John because JESUS is God, and John is just man (and therefore, subject to God). Mary is one with the rest of humanity, including Elizabeth. Both of these women were blessed by God. Elizabeth was blessed to bear John, the forerunner of the Messiah, in her old-age. Mary was blessed to bear the Messiah, the very Son of God.