|Attributes:||+2 Dexterity, -2 Constitution, +2 Intelligence.|
|Keen Senses:||Elves receive a +2 racial bonus on Perception checks.|
|Elven Magic:||Elves receive a +2 racial bonus on caster level checks to overcome spell resistances. In addition, elves receive a +2 racial bonus on Knowledge (Arcana) skill checks made to identify the properties of magic items.|
|Elven Immunities:||Elves are immune to magic sleep effects and gain a +2 racial saving throw bonus against enchantment spells and effects.|
|Elven Weapon Familiarity:||Elves are proficient with longbows (including composite longbows), longswords, rapiers, and shortbows (including composite shortbows), and treat any weapon with the word "elven" in its name as a martial weapon.|
As evidenced by their racial traits, elves are natural Wizards, having a bonus to both Intelligence and Dexterity - useful attributes for such a vocation. Their Elven Magic trait is also essentially a free Spell Penetration feat, and their Elven Weapon Familiarity will allow them to contribute to combat at range with superior bows. Granted, a Wizard's Base Attack Bonus won't be sufficient to make them a top-tier archer, but you won't be casting spells every round, and the extra damage will be appreciated.
They also make competent Rogues for many of the same reasons - the attribute bonuses suit that role well, and the wider weapon selection will come in handy. On the other hand, their immunity to Sleep will almost never come into play, but their +2 saving throw bonus vs. enchantments most certainly will.
All in all, the elf can excel at a variety of classes, as their Intelligence bonus will provide more skill points and their Dexterity bonus is a boon for all but the most heavily-armored of characters. There may be better choices for front-line warriors and Charisma-based classes, however.