Strength and Dexterity balance out pretty well, yeah. Str modifies melee attack, Dex mods ranged attack; Str mods most damage, Dex mods AC but with some limitations; Str mods a few skills, grapples, bull rushes, and trips, Dex mods Reflex saves and more skills; Str mods carrying capacity, Dex mods Initiative. Overall it's fairly balanced, with only a tiny bit of extra value one way or the other depending on character archetype.
I too agree that -Wis is a poor choice for standard high-fantasy elves.
Elves in my Aurelia setting are -2 Str, +2 Dex, -2 Con, +2 Cha, with sorcerer as their favored class; half-elves are -2 Str, +2 Dex, with the same favored class flexibility as humans.