Generally, I like elves as I am familiar with many of the sources that Tolkien used for his inspiration. To my mind, elves can be a very interesting race, wtih a long term view of the world. I would imagine that there would be a touch of sadness at how changeable the world is around them. Also, I think that it is important to remember that an elf (or a dwarf, a half-elf, a halfling, half-orc, or gnome) is not just a human with a few add ons. Rather, they may be very different.
Elves may be very individualistic, and passionate, but they may well take a long-term view of such issues. This may lead them culturally to emphasize enjoying the world, as everything in it -- including themselves -- will eventually pass from it. So, perhaps one way to roleplay elves is to make them passionate about the moment but also taking a long term view of life. They may have a hard time relating to some of the shorter lived races and their perspectives. (Then again, humans are not exactly known for understanding each other.)
I think part of the problem that elves had in previous editions is that many of them were portrayed as self-righteous, xenophobes. You can see this both in the elves of the Forgotten Realms and the Dragonlance novels. Of course, I like to argue that no culture is perfect but it was at times hard to call some of these cultures good. I think that there are many possible take on elves as a character race. My advice is to read a few good books, research some of the archetypes such as the sidhe and the alfar, and decide what works in your world.