Dracobellum; The Great War
To Humans, Elves are pompous and aloof, never really seeing the world outside their borders. They could do great good and act as the elder brother to mankind, but only if they ever actually did anything.
To Dwarves, Elves are wise and powerful, and a force to be feared. They could rule the world, and they decide not to. They must have found something quite powerful in their forests to dissuade them from conquest…
To Halflings, Elves are the only other people they truly respect. They have mastered the mind and magic, and are incredibly disciplined. But only if they used that power… then they might be equals.
Elves think themselves the pinnacle of knowledge, and do not want to interfere with the outside world, lest they try to retaliate. They are far less powerful than they let on.