I like the Tolkienish view of Elves that the guy who wrote Balrogs and Bagginses used:
Elves are flighty and vain, willing to squander years on a fancy.
They're foolish, only gaining wisdom from excessive years of experience - which humans can do relatively faster because they don't suffer from the natural Elvish foolishness.
But they're graceful, smooth of movement and limb, but also suave and attractive. Superficially attractive, of course, much like a supermodel who knows how to look great and walk great but reveals that he's a dumbass as soon as he starts talking.
Naturally skilled with magic. Dwarves get this to a lesser extent and more toward creativity than temporary and fanciful magic of the Elves. Dwarves live shorter lives but are dedicated and toil which makes up for it. Elves start with more but do far less with it, compared to everyone else.
Among all these faults and damnation by faint praise, Elves are patient. Much like the
Time Vulture, an Elf is less likely to act because he knows the perfect opportunity will come. A Human or Dwarf would build a boat or weir to catch fish in a river. An Elf would relax on the bank, dip his hook and line into the flow, and wait until a fish arrives.
This patience gives them the illusion of wisdom if they don't act too rashly. It's not that the Elf knows the right thing to do, he just waits until he's figured it out and/or the issue is moot.
NINJA EDIT: Cannibal everything! Nobody eats somebody who couldn't be their cousin!