I had the exact same reaction. Fargo 800 isn't what it used to be and calling anyone below 800 elite is probably inappropriate. A Fargo of 790 puts you as World #112. The globalization of pool over the past decade has greatly changed the playing field and amazing players are popping up in every corner of the world.
No doubt, young players in the 775 to 799 range must be viewed as having great possibilities, but to be fair, all players below Fargo 800 tend to be longshots, not contenders, at the majors.
This era of pool is mind-blowing in that the best players shoot so darn straight that the continuing toughening of playing conditions isn't slowing them down much.