A truly great article on the challenges of writing elves can be found at a Lord of the Rings Fan Fiction site: http://www.lotrgfic.com/viewstory.php?sid=2213 . This well researched article shares the many flaws that even brought Tolkien, himself, to dismay.
The ‘Elves’ are ‘immortal’, at least as far as this world goes: and hence are concerned rather with the griefs and burdens of deathlessness in time and change, than with death. (The Letters of J.R.R. Tolkien, Humphrey Carpenter and Christopher Tolkien, 131 To Milton Waldman)
I found, for myself, that creating my own races was much more exciting and allowed for twists and turns that truists would have taken exception too if I had used dwarves and elves. Later, for those that find the World of Vesta an interesting realm for their own campaigns and roleplay, I will post their stats and racial abilities.
Take a moment to read this article for those of you that write. The researcher did a fine job of insuring the sources and makes some great points in writing the timeless Tolkien elf.