Elves Tactics

Heroes and Monsters 

• King/lord - Your solid fighting hero. Good stat-line and, of course, inspiring. 20 points to mount on a horse, or 30 points for a Drakon. The Drakon is risky, is the extra 1" movement and extra Crushing strength really worth the loss of individual? Your call. He can also ride a battle Dragon, but unlike the horse to drakon upgrade, this is 200 points of a jump coming in at whopping 350 points before your magical items. The Dragon is not recommended unless for flanking hordes and supporting your infantry units with your breath attack. An alternative to the mounts is to give your unmounted king wings of honeymaze, so that he has speed 10 and fly and keeps the individual rule but you lose your magic item slot. A footslogging or horse-riding king can also get a Sabre-toothed pussycat (always do this).
• Standard bearer - Mount on a horse and run around your battle line, using his inspiring rule to stop units from fleeing. Do not use him in combat, he will die very quickly.
• Elven prince - King-lite. Can only take a horse and a Sabre-tooth. Use him to support cavalry charges, or throw the Sabre-tooth into a combat and gain the winning edge. Not much else he can do.
• Mage-Queen - Mount her on a horse and run round the battle line, casting Zap! to hinder enemies and Heal on your own units. Combine with a standard bearer and your enemy can no longer kill elves. As always, a Sabre-tooth can never hurt.
• The Green Lady - Skip her. Basically an expensive Mage-Queen with no Zap! and only a stronger heal. An alternate view is that with Regeneration and 6+ defense you can use her to draw fire away from your other units. Your call.
• Tree Herder - Awesome stat-line and has Crushing strength (3) and Vanguard, use this guy to move up with the vanguard rule first and tie up a cavalry unit and then charge their side with another of your units. Or you could use him to rip through units like Goblin spitters (3+ to hit, 2+ to damage, and would get 10 attacks on the side when attacking said goblins!), or even others. Beware of being flanked by high attack units.

War Engines

• Dragon's Breath - Not recommended. If you do fire at something, you better kill it, or the short range means you will be killed in subsequent turns. On the other hand, it can take out units that cost 3 times as much as it does. Mileage may vary.
• Bolt thrower - A solid choice, can kill any unit in the game with it's piercing attacks and long range. No elf army doesn't have room for 2 of these.

Cavalry

• Drakon Rider - Seriously, these guys suck. Hard. 3 of them cost 160 points. For 170 points you could get 10 Stormwind cavalry who are 1" slower and lose fly, but have 7 more attacks. Even when you do a disrupted charge and the Stormwind take a -1 to hit, they still cause more damage. The Drakon models also look terrible. Needless to say, skip. The only thing you could almost justify these guy for is war machine hunting, and even then, Stormwinds do it better.
• Stormwind cavalry - These guys are..... glass hammers. These guys should only be used for flank charges and the like. They will beat most other cavalry in a charge, but always keep them near a unit they are going to support, or hunt war machines and small units at the back. 

Infantry

• Palace guard - Even more glass cannons then Stormwind cavalry. Will die to bows and arrows. But if you can get them into combat with said shooty unit, these guys will rip their heads off. Do this quickly, or they will become expensive pin cushions.
• Forest shamblers - Use these guys along side a Tree herder and use vanguard to go up a flank. Enjoy as your opponent cannot clear the the side of the board they are on
• Sylvan Kin - These guys are slightly more expensive than Spearmen, and swap Elite for Vanguard, but have double the attacks. A serious contender to replace Spearmen in an army
• Scouts - Your sneaky, shooty unit. They have terrible armor, but have the Nimble and Vanguard rules. Use to harass enemy units and to draw fire away from your other units.
• Seaguard - A mix of Bow and Spearmen, these guys are expensive and it is generally better to have a block of Spearmen and a block of Bowmen than to have a unit of these.
• Spearmen - Meat shields for your bowmen. This should be your primary use for Spearmen, as they will get destroyed by a lot of other units.
• Bowmen - Your bread and butter in a Elf list. These guys are cheap and efficient. Most units in they game will fall under massed fire from these. Hide behind Spearmen and target multiple units, building up their woulds and then deliver a final charge with your Spearmen/other unit. Then rinse and repeat.