I quite like it, surprisingly considering my general feelings on the 4E refluffing. It's interesting, and makes me want to make a few "eladrin" characters.
Still find rebranding hald the elves as eladrin annoying and pointless, and one thing that did annoy me was that they closed off the possibility of an eladrin referring to itself as an elf.
Gruumsh being worshipped is a bit strange. It may make sense in the terms of this world, but it's still problematic. Particularly since hopefully the elfs won't suddenly be getting pally with him on Faerun. Perhaps if they worshipped him under a different name, that would help - even for a god of Rage and War, I'd have thought elves would prefer something a bit more poetic.
My other potential quibble would be that cities in the, presumably very wild, feywild sould like they need a good explanation. They can probably manage it, with magic, some planeshifting and general elvishness - and of course, this is a fantasy world, not an economic study - but I hope they address it.