I've just read the Silmarillion and, with few exceptions, they didn't seem all-powerful or wise. Although too many had the mind-reading, and when Felagund met his first humans... ug. I guess I like Sindar, Nandor and silvan elves but not the Noldor or those wussy Vanyar.
Later on, it was nice to see the elves "letting" the humans have their own lords. Humans worked with elves. Humans worked against elves. Humans killed elves in single combat. And so forth. PS Tolkien elves are not immune to sleep spells.
As for in DnD, um... no. Low Con = death. I could be easily persuaded to play an elf in D20 Past or Grim Tales or something like that... yes, having a low Con means having a low Mas, but then again the class bonus to Defense progression and general lower incoming damage means you still have a good chance of survival. Or just take Improved Damage Threshold.
I found I didn't like elves in most settings though. I really liked the Elfquest elves, although I have to admit that series grew up a lot faster than I did. Either I missed the blatant hypersexuality when I read the first two books in the series x years ago, or that stuff was added later.
IMO there are also too many subraces. Really, do wild elves need different stats from other elves? I think not. Take a baby wild elf and raise him as a high elf and you won't see anything different.