Some good, some bad, some tangents.
It’s got things I like and things I don’t.
I really like the bonuses-only. I can’t say the number of times I haven’t played a race/class combo because of a penalty (like a half-orc paladin), but I don’t mind playing a race that doesn’t get a bonus (like a dwarven cleric). Someone pointed out that it makes it easier to balance vs. what previously would be a +1 LA. Good!
On the other hand, one I don’t that’s also in SAGA is assuming that combat is the default. Speed is only listed in squares. I want things like hourly walking as well as combat. One that could be bad is that it just mentions low-light. In SAGA the racial entries mention low-light, but only it’s affects on combat, ignoring all other uses.
I’m a fan of the (assumed) slight increase in move. That’s fits, and makes them unique.
The age thing helps run them in the same game as other races. (And, as people mentioned, it can change for a world. For example, in my campaign they are truly age-immortal, but eventually feel a Tolkien-esqe call because there are only so many elven souls to go around and they may need to die before any new elves are born.)
Group awareness seems a bit backwards. You want game design of racial characteristics to support racial feel in play. Here you have perceptive folks who favor rogues and rangers – who usually won’t be scouting ahead of the party since then the party is too far away to get the Group Awareness bonus. In other words, that bonus engenders the exact opposite game action (sticking them in the middle of the party) as the class description would lead you to expect (scouting around). That's a design boo-boo, but not a killer.
People are talking that the feat isn’t all that fantastic. I wonder if the number of racial feats means anything, like Shifter feats in Eberron. That would allow weaker feats, but any of them build on your elfiness. Elf-ness. Elveness. Elfhood. Faeriness. You know what I mean.
The loss of the resistances and such don’t bother me. It will make the existing campaigns I run/play in harder to convert (as will the rest). But since I’m okay with them killing some sacred cows, I’ll accept that it will be hard to convert anyway so that’s not a point against.
Though I was sort of hoping with all of the sacred cows they were doing away with that they’d separate racial bonuses from cultural bonuses. “The elves of the south are masters of bows, while the elves of the mountains are canny trackers one and all. And all elves have eyesight that make eagles seems half-blind.”
Sure, you can house-rule it, but if you just separate it you can make things easy. “I’m a half-elf fully accepted into the elven community since birth. It took me just as long to grow up as the full blooded elves. But somehow, I never learned how to use a bow.” Or things like an elf reincarnated (if that still exists) into another race. They lose the racial bonuses, keep their cultural bonuses, and don’t get the cultural bonuses the other race would have available.
Okay, wandering off track.
I sort of wish the racial bonuses were higher. +1 and +2 have some meaning at low levels, but get lost in the noise at higher levels. Make that you're of a race mean something up through paragon play at least.
All in all, that's a race I would play, and I think it's about a 7 out of 10 in terms of being "all that" that 4ed is trying to be over 3.5.
Cheers,
=Blue(23)