First, I HATE elves. No other race in D&D is more overused or cliche than elves.
Having said that, I like the medieval versions of legends dealing with the fey and alfar. In legends, they are completely amoral beings who don't care about good, evil, or societal law- they are simply out for themselves and for their kind. They have no problems tormenting, abusing, killing, or otherwise antagonizing other races. The only way they might aid another race is if it strikes their fancy and they find is amusing, or if they stand to profit greatly from the interaction. I have presented elves like this in my homebrew world for the last 10 years, and players are actually scared of them, and hate them with a passion. In fact, a PC paladin lead the party against a band of elves who had been provoking hostilities with humans and destroyed them without a second thought. Maybe he overreacted, but considering the trouble the buggers were making for human society, the paladin was rewarded for protecting innocent lives.