I went with the 1st option, mainly because that was the closest option I could choose (and not the exact option I would have chose, if you get the idea).
IMC, I have elves established as the highly-magical race (there's a reason for Favored Class: Wizard, after all). I wanted to just have Elves as Elves, and stray away from the umpteen-infinite subraces that have populated D&D before. There are several influences that shaped the elves IMC, but they all more or less add up into an ancient magical society.
In addition, I saw elves and their nation as the best thing for a large, intricate, bloated aristocracy linked to the throne. Whereas the other races have a King and Lords, the elves are the only ones with the mutli-tiered caste of nobility such as Archdukes, Earls, Counts, Barons, Baronets, etc. Since they are so long-lived, it made sense for them to really keep track of such things.