The Elves have tons of heroes from which to choose.
Both versions of Galadriel are superb.
The Lady of Lothlorien is one of the best spell casters.
Her Cousellor and Touched by Destiny abilities are very powerful.
The Protectress of Lothlorien turns any unit into a killing machine thanks to her high fight and Spirit Grasp abilities.
Gil-galad is the Elves' heavy hitter.
His spear, Aiglos, gives his company a bonus to hit in combat.
He also has a high fight value.
Elrond Master of Rivendell is both a beast in combat and a great mage.
His Epic Restoration ability is particularly important in an elite force like the elves.
As you would expect, Legolas is the master of shooting.
His Epic Shot and Crippling Shot special abilities allow him to take down enemy monsters.
His Swift Strike ability is very useful when facing infantry.
Thranduil is a great magic user, and can also hold his own in a duel or when shooting.
Arwen is also very good, but is not as good a points value as Thranduil.
Celeborn is more expensive than Thranduil and not much more effective.
Cirdan is an inexpensive magic user.
You should never take a Stormcaller unless you have already chosen Cirdan.
He also has a very good defensive ability that allows the unit a save.
Elladan and Elrohir are very inexpensive leaders.
Haldir is also inexpensive and has plenty of might.
Glorfindel is very deadly.
The trick is keeping him alive, as he will be the target of every bow in range.
Gildor's Household is superb.
They are better than regular wood elves, but cost the same amount.
Further Gildor is a mage and can ambush!
Guardians of Caras Galadhon are costly.
I prefer to take Gaurds of the Galdhrim Court.
Rivendell Guard are very expensive.
I would prefer to take High Elf Cohorts.
Haldir's Elves are also very expensive.
I prefer Wood Elf Archers.