It makes me see the Elves differently but they remain my favourite fantasy army. It changes how I would make up an army though. I'm not worried about tabletop prowess but from a fluff standpoint it adds whole new elements. I had enough trouble thinking of how I wanted to theme my army when it was just High Elves (almost as much as trying to pick a Space Marine Chapter), now it's tougher. I'm hoping once I actually manage to get a copy of the book things may become clearer to me.
Before reading this I thought that Teclis may have chosen to return to the Empire and take over from Gelt at the Collages of Magic. If that had been the case I'd have considered an Empire army instead but otherwise they just don't interest me.
On a slightly related note, here's a list of my favourite HE Characters in order and their current status:-
Eltharion the Blind - Retconned
Teclis - Missing
Korhil - Dead
Eltharion the Grim - Dead
Tyrion - Dead
So that hasn't gone too well for me ¬.¬