Creatures/people up to lv6 will attack anything nearby for 30 secs.
The High Elves always had a flair for magic, but in previous Elder Scrolls game their beneficial aspects came at the unacceptable price of weakneess towards every element. In Skyrim, they are much less of a mixed bag. Also, they're interesting characters from a story perspective, considering the Aldmeri Dominion now threatens the empire and are responsible for the hated treaty that forbids the worship of the Nordic hero-god, Talos.
That +50 bonus to Magicka is a great starting fund for any prospective mage, and their improved magicka regeneration gives them an even greater well of magicka for the tough fights. On the other hand, Magicka is not nearly as important in this game as it was in the other games, as you can no longer craft your own spells, and whatever limitations might apply to a prospective spell-caster because of their Magicka can be overcome by enchanting armor that heavily reduces Magicka costs. If you're looking for a pure power mage... again, look to the Breton. You'll be better served by magic resistance than you will by extra Magicka.