Hmm. Not really convinced by this, I'm afraid.
The oval breastplate is a bit odd, and that sword is too broad (and probably also too big), I'd say. The helmet and shield are too medieval (well, pointy, anyway) for how I imagine elves. Also the whole figure is somehow flared rather than upright, if that makes sense: just too bulky for my taste.
The old Ral Partha elves have always been my favourites, though they're very small by today's standards, but there's an elegance about them that I'm not really getting here.
But then again this is just one figure, and if this is going to be part of a plastic set then who knows what else might be included. And there's nothing wrong with it, just doesn't quite fit my imaginings...