"Elves" (and I say that to distinguish the Tolkienian our-pastoral-life-is-perfect elves we all know and love to hate from the "pointy-eared-humans" version, below) are almost always on their way out. In fact, it's a major question how they even survived that long in most cases. Elves always represent the forces of nature who get trampled underfoot from relentless human progress, and represent some lost innocence of nature or some such. Although sometimes there's the added twist like in D&D, where dragons once ruled the world, but Elves represented a faster-breeding, technology-using changing world before humans existed. (And the successful elves were the ones who just started living with the humans rather than trying to stop them.)
It's the fact that they're such an anvilicious "technology is bad" strawman that tends to make them wind up some dying race. It's fairly rare you get an "Avatar" storyline where the Ewoks actually manage to make Rock Beat Laser, and overthrow technology.
Cacame, on the other hand, represents more of the Dragon Age "City Elf" line of elves - the ones who stop being ecoterrorist-strawmen, and just sort of become pointy-eared humans, with some fantastic racism thrown in so they can become the (actually somewhat compelling and fun to play) fantasy Jews. (And if you haven't played the female city elf origin story in Dragon Age Origins, you really should. The part where the king asks why you joined the fight, and you can respond something along the lines of, "Well, you and your repressive elf-hating regime let a noble of yours (legally) try to rape me and my friends, so I butchered him and about two dozen guards, and enlisted to evade the law... Nice to meet you!" Ahh... HILARIOUS.)