I'm also hopping that by the time that elves have hometrees they will be able to forge and mine.
Elves have been around since the first versions of DF. Being hippies and having wooden armor. In fact back when elves did have forest retreats, they still did not have metal. Why would they change? Toady doesn't want to give them metal or the ability to forge it, or he would have put it in the game years ago.
This is why they suck, and it's a shame. "Traditional" elves do forge, actually. Of course some of you will say that DF is unique and all, but the fact is that elves do suck at the moment and most players only use them as training targets or gullible merchants to loot every year. What's the point? Making them stronger will help them have some kind of credibility in the game. And if I remember correctly there is a mod (Genesis I think) that allows elves do make some special wood as strong as high-quality metals, that could be a good replacement.
Genesis and a few other mods include Ironwood yes.
Traditional is relative, elves back in the middle ages were essentially malevolent spirits that would steal your socks. Or by contrast little people that would clean your house while you were asleep. Some would even steal your soul if you don't fall asleep, essentially the bogeyman of the early ages.
Now modern elves are six feet tall with goldenrod hair and the best swords in the land and wooden arrows that can magically pierce through armor. Or they make delicious Keebler cookies. Why don't we use cookie making elves?
Well Toady wants them to be wood wielding maniacs with a fetish for trees. So what if they suck? Elves don't exist, any of the other three ideas points are quite possible in the world of fantasy. Toady wants it this way, so it's this way.
This is
Dwarf Fortress, not Elf Fortress. If you want elves to be more powerful, I acknowledge your point of view and see it as valid, but it is easily moddable. Download Genesis if you want to give elves an edge, or likewise mod elves to suit your needs, but until Toady himself descends from the clouds and grants the elves charcoal, I will judge elves by how vanilla portrays them.