Peter Schaefer's Blog - Racial Traits and Classes

[Sir Brennen]

As in an elf's wisdom, at character creation, must be higher than the same elf's intelligence. (Elves are reported to be dumb, right?)

From the new fluff, I'd say elves seem more perceptive but not inclined to give things thoughtful consideration, going more with their "gut". Not necessarily the same thing as "dumb".

That's one of the problems with Wis tied to perception - just as you can have a high IQ character that is clueless about people, I think you could have someone who's very aware of his surroundings, but still prone to making rash decisions, or misinterpreting things he notices. I think you could be perceptive and intelligent, yet still not qualify as "wise".