Rules:
One sub-race for each base class.
One sub-race for each rule loophole(alter self-->wings)
Way too good ability score modifications and skill bonuses
Access to too many martial weapons, and top quality ones at that.
Fluff: and Players:
Elves = Perfection? Whatever.
Elves and their long history = not good player characters
Players who refuse to accept elves take a century to grow up but salivate when they sit at young adult for 500 years.
Annoying players gravitate to playing elves. Grand standers and one man parties.
Ok, the last line might have been a bit much, but out of 85% of the annoying self absorbed players I have seen in my PBEMs, they have been elf fanboys. YMMV. Elves seem to attract people who want their character to be innately special, innately powerful, with no work or in game effort on their part.