[Greg]

That's absolutely true. The same old Elf with a new name is no good.

Yep, if the Elves are different enough from the D&D versions, I wouldn't necessarily mind them. If, for instance, they were a lot closer to the Elves and Dwarves of mythology, there might be a perfectly good reason for very different creatures to be called "Elves" and "Dwarves".

Note, of course, that in order to make a significant difference to PvE, there has to be a significant mechanical difference to the D&D versions. Differences just related to RP won't make a significant difference to how they play. On the other hand, if your Elves can't touch iron or enter holy places but can become invisible at will and pass unmolested among the undead, they are presumably going to feel really different in PvE.

Yes, it is absolutely true that just renaming the old races achieves nothing.