I think a more interesting question for all of us who have played for a good while would be " If you were to start a new campaign today and were looking for standard elements to cut to shake things up a little, would you ditch elves or psionics? "
I think that calling psionics a standard element is pushing it a bit.
I've grown to dislike psionics and excessive use of all races except for humans.
There's a prevailing theme in a lot of high fantasy of the rise of the human race and turning back the tides of darkness and ignorance. Other races have usually had their time and are fading into legend or taking their place in the world out of the eyes of responsibility. Now this may be Americanized mythology but it's out there.
So when I look at how to run a world, provided I want to cut something, I first look at the PC group and say.. what is it that you guys want to run? I figure those guys are the exceptions to the demograph and allow them to be anything so long as it's not overdone or I decide to apply a status of "truly rare or extinct" to a race.
Once that's done I take the rest of the world. My PCs may be the only pair of elves or dwarf or whatever in the area of the world they're in. They're really special and the other PCs by definition are really special by association.. so when they eventually get to the citadel or the elven city and they're the first outsiders in X to be there.. it's cool.
I think that a lot of the "we must change elves or ditch elves" mentality comes from them being overdone by players. Same with psionics to a lesser extent, but I think with psi, the issue is game balance. Up until 4e there's always been something wrong with them, and I'd argue it's gotten much better over time as 1E psi, if you had it.. was insanely unbalancing.