Elves don't really suck. I thought they did under 1e and 2e, but BD&D elves were just fine in my book, except for their level caps. They weren't great at everything, but they were decent at a couple of things and it fit the bill quite nicely. AD&D elves always stuck in my craw because they seemed so cheesily perfect. In my first 3e campaign, 3 old-school 2e players all decided to be elves, and it was fun to see the looks on their faces when they realized that the HUMANS were just as good as the elves, if not better.
Personally, though, I prefer my elves to be a bit darker. My homebrew gameworlds generally put elves more in the realm of Celtic legend than Tolkein. In my own current campaign the "good" elves are kind of like the elves in Terry Pratchett's novel "Lords and Ladies." The dark elves are much worse...