To me, elves just aren't that big a deal. But then, I really tend to stray away from generic D&D fantasy/JRRT fantasy anyways. In my setting, I've got ulari which are, to be honest, kinda elfy-looking, with swept-back pointy ears, delicate, fine-boned faces, grace, and, of course, viperish fangs that produce a pheromone-laced venom, a tendancy to be between six and seven feet tall, tiny scales on their skin with an endless variety of reptilian patterns, slit pupils, fragile, weak bodies to make up for their boundless charisma, one female to every four to five males, a human-like lifespan, egg-laying, and, of course, a tendancy to find warm hairy things endlessly cuddle-worthy (if dwarves existed, they'd drag them in to their laps for warmth).
But, unlike elves, they actually make sense in their world (with its funky spirit-driven evolution -- they were derived from serpents that used potent venom on animals to gain their affection as guardians), as they make up for being utter wusses (-2 Str&Con for +2 Dex&Cha) by being the friendliest, most cooperative, and most considerate race in existance -- especially to assassins that are hired to kill them, as they consider it a mark of cultural pride to seduce them and take them in as consorts when such is at all possible or reasonable.
Elves, honestly, just stopped making sense after they were taken from normal mythology.