Since a lot of people will want to be an elf like character...
See Human. Add pointy ears, subtract a little in height and weight. Add more diverse hair and eye colors. Add an insanely long lifespan. (Time cannot kill them--only other causes like illness, wounds, etc). Excellent eyesight, pretty good hearing.
Elves seem to be of the general opinion that they are better than everybody else. They pity half elves, and sigh and shake their heads at humans and their apparent childishness. It seems that the generally accepted view of elves is also what they use in Dungeons and Dragons.
Elves tend to have a talent for sorcery. In fact, they are born practically imbued with magic.
They are less numerous than humans because of their long lives and low birth rate.
They generally dislike barbaric races like Orcs, but again, like humans, their opinions differ according to their cultures.
There are a few different kinds of elves:
High elf: your general view on elf.
Wild elf: tribal type. nomadic hunter/gatherers that are prone to wanderlust.
Dark elf/Drow: for the elf enthusiasts, gotta have the drow. They're the evil ones. Live in the dark under ground areas, avoid the sun. Dark Skin, white hair.
Other than that, have fun.