I am loathe to design house-ruled PC races, but were I to be in charge of re-writing elves for D&D, I'd borrow a page from the drow and give them innate spells, mostly low-level illusions and spells related to nature, playing up their innate magical connection. Favored class: Sorcerer, since they are innately magical. The sleep/charm immunity would be replaced with a moderate spell resistance or enhanced counterspelling ability, and Spellcraft would be a class skill. Keep the weapon proficiencies. Minimal number of standard subraces- High, Drow, Aquatic- and do the rest with class choices. There's nothing about Wild/Wood elves you couldn't do with the Ranger, Druid, and Barbarian classes, and the rest...feh! Instead of subraces for every campaign setting, I'd use the base 3 subraces with campaign setting elf templates. So, for example, the Dark Sun setting would have High, Drow and Aquatic elves, but they would be somewhat different from the standard races since they have been tempered in the environmental furnace of Athas. Athasian Aquatic elves would be about as rare as a PC race could get, probably surviving only in subterranean waters.
Maybe make them ECL +1 to +3. And of course, to keep them available as 1st level PCs, I'd use the racial class levels from Monte Cook's Arcana Unearthed.