I've playtested the Elves a fair bit using goblin models (blasphemy, I know, but that's all I've got on the appropriate base sizes!) and honestly, they're not that broken. Hitting first is offset by low armor saves and T3. When they get hit back, you lose models. For example, a regiment of Phoenix Guard can get charged by a unit of any race's heavy cav (of the varitey with a 2+ armor save or so) and they MIGHT kill one striking first. Then the lances plow through and you'll lose some Phoenix Guard, even with the 4+ ward save, and still lose combat-- you won't necessarily outnumber the cavalry since each model is Unit Strength 2, and you probably won't inflict more casualties. The Elf units are badass on paper, but it's clear that they take a lot of finesse to use well. Unless you have an army themed on Caledor, in which case you're just being a dick... multiple dragons and heavy cavalry that's half the price of a Chosen Knight but is just as good... yeah.
That being said, the list is still really f*cking mean. I actually sat down with a calculator, and I had to make a few revisions both for points and for playability. I needed to add an eagle and the cavalry to ensure that I don't end up with a rolled flank. I figure Silver Helms are appropriate to the theme since High Elf nobles are expected to make a pilgrimage to the Shrine of Asuryan at least once in their lives.
Here's how the army is at 2250 exactly.
Lords/
-Prince
--Blade of Sea Gold, Armour of Caledor, Guardian Phoenix
Heroes/
-Caradryan
-High Elf Mage
--Level 1, Dispel Scroll
-High Elf Mage
--Level 1, Dispel Scroll
Core/
-12 Archers
--Musician
-12 Archers
--Musician
Special/
-19 Phoenix Guard
--Full Command, Banner of Ellyrion
-19 Phoenix Guard
--Full Command, War Banner
-20 Phoenix Guard
--Full Command
-10 Silver Helms
--Full Command
Rare/
-Great Eagle
-Repeater Bolt Thrower