The issue with Elves, Dwarves, any other demi-human race, Vampires (whether Anne Rice, White Wolf, or any other source), Immortals, and all other RPG "races" is that no human player (which is all of us) can accurately portray what it's like to be long lifed or immortal.
Think about it. The whole concept of immortality is completely alien to us. Our chronicled history is barely 2000 years old! Consider that some of us have grandparents who are in their 80s and 90s, or had said grandparents, and look at how completely distorted the real world is to them. My own grandmother doesn't speak English, doesn't drive, and has no idea how to even turn ON a computer. I doubt that there are many 80 year olds on the internet. I doubt that there are many 90 year olds into Magic the Gathering.
How is it possible, that in our limited scope of life, we are able to portray these incredibly long-lived beings accurately? Do you sincerely think that if you lived for 400 years, you would even bother with war? When your lifespan is that long, or even immortal, what then constitutes a significant portion of your time? In today's world, if you can't get something done overnight, you're bitching. At my job, I have month-long deadlines, and even those are "relaxed". Presidential Summits are about 3 days long, and all the negotiation has to get done in that time. Think about ultimatums...hell, the war in Iraq is a good example. If everyone lived for 400 years, don't you think that there'd be plenty of time to discuss things?
The problem with Elves isn't stats...it's the fact that no one knows how to play one, and no one will ever use logic in playing one. If you have a 400 year lifespan, and some human comes and attacks your village, you're not about to go out there, bow slingining and sword swinging. No...the logical thought is, "Eh...it's a human. Let's go to the neighboring forest for about 80 years, and come back when he's dead." Especially when you consider that in these shitty fantasy realms, there's BILLIONS of acres of uncharted/unclaimed/unused land.
Bottom line is, if you want to "fix" stats for Elves, it's simple: Elves have the same lifespan Humans do. Case closed. You give them +2 Dex, -2 Con, so that they're basically just another option to min-max whatever stats you need, then throw in some abilities and shit just to pretend their special. Done.