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Yeah, so I dunno. Elves. Hmm.
I guess three of those elf dudes and two of those elf ladies (top right, bottom left) are alright. I always liked the ethereal quality of the elves. I sort of picture them glowing a little and their hair and clothes flowing about them on their own accord. In my head, they live in perpetual June. I dunno. I'm still trying to get my head around them.
They're beautiful yeah, but not intimidating or vain (which is why the other two elf ladies don't work). I imagine them with a certainly androgynous aspect to them, as if they as a species are approaching some sort of single ideal person. If I had to compare them to any other people, I'd say maybe the ancient Athenians, or at least the Athenians as I know them from their marble sculptures.
I don't know if I want to make the elves less human than this. Here they're pretty much just people with pointy ears and long necks. I think that, for there to be half-elves (like Elrond), they still need to be largely humanoid.
I might spend a week dealing with weaponry and armor, since I think that would help me flesh out the different races a little bit (Man, Dwarf, Elf, and Goblin, really). Hobbits, of course, just smoke all day.
I spend a lot of time thinking about this sort of stuff.