That's right, a review! feel free to add your own.
I was lucky enough to attend Council of 5 Nations this October and be one of the first ones to get their mitts on the brand spanking new Dark Elves. While I have not played them yet, I got to play against them 3 times at the convention and I figured I'd share my thoughts on them with all of you. I usually list pros first, then the cons. I'm going to switch that around here and start with the cons so that I can finish the post on a positive note
ConsAbility Creep - gull2112 mentioned in a post of his a while back that he feared that as time went on, newer factions would slowly out distance the older ones in potency because their faction abilities would be better than the oder factions. This seems to have certainly manifested itself with the Dark Elves. They have pain touch, a ton of spell abilities, and tons of fearsome dudes. Compare this to a faction like the Hawks who get bravery. Whoopy ding.
Points Cost Accuracy - It's my feeling that the points costs for some of the units may be a bit off. Actually, it's a pretty big consensus amongst the players at Council. Take the Lowblood Levy at 132 points. They are almost as good as the Umenzi Spearmen, who clock in at 170 points and just about as good as the Skeleton Spearmen which clock in at at 167. The Lashmistress is another one, which for a little over 300 points has a unique ranged attack that can totally mess up your opponent's line. Not only that, but at (5) 6/5 that ranged attack HURTS. Couple that with the fact that the combat stats are almost as good as High Elven Swordsmen and you've got something that seems a bit cheap for what it can do. Also, the Dusk Knights are much better than Hawk Knights, yet only outscore them by 30 or so points.
Consistency of units with their stats - This is more fluff related than play related. You've got units like the Blade Dancers and Lash Mistress that appear scantily clad in the art work, yet they fight at a 3/1 defensive stat despite having no armor or shields whatsoever. I guess they are just super fast? And do the Lashmistresses have a bodyguard of warrior dudes like the M&M Elementalists do? Not a big deal, really.
Lots of stand and shoot - This entire faction screams to be used in a stand and shoot fashion. You've got 3 Spearmen units and 3 Ranged units. While I've got nothing against stand and shoot armies, a faction that blatantly encourages it needs to be watched. Dwarves and slow Hawkshold armies beware.
Courage - This faction will have a courage advantage against any other faction hands down except for the Undead. Of the 13 units, 9 of them have a courage of 13 or greater and all but the halfbloods and lowbloods are fearsome. The lowest courage rating is a 12. While I think the fearsome thing is cool, I think the points calculation seems to be based upon the pre-shaken fearsome attribute and not the new 3.0 one. Basically, at least half of the enemy army is going to be minus an attack die on the charge turn which is the most important combat turn of the game.
ProsOK, it looks like I roasted these guys above, so I'm going to try and make it up to them here.
Very great unit variation - You pretty much have it all here. You've got cheap line units, Solid mid-priced line units, Very potent line units, cheap fast cavalry (and they are core!), brutal heavy cavalry, FLYING cavalry, a spell casting unit that is also cavalry, and 2 other spell casters that are very powerful in their own right. The only thing you don't have is bowmen and believe me, you won't miss them if you are using the spell casters. You can create a huge variety of army variations from the faction roster.
Sexy units - This is a pretty cool thing to see since we've been waiting 2 years for a new fantasy faction. Rome and Carthage where all well and good, but very few of those units had any "wow" factor. The Dark Elves more than make up for that as easily half of the units are pretty darned impressive.
Flavor - The history of this faction is very interesting and translates well to the game play. At the bottom of the heap you've got the low and halfblood guys as well as that hilarious peasant unit. At the top you've got the highbloods armed with the dusk weapons and spells. I love the concept of the slavetakers and the fact that they are also core. The faction abilities of Pain Touch and Fearsomeness play right along and it feels right.
Finesse - This faction encourages finesse play, which I think is great. Sure you can line up a bunch of heavy infantry dudes (and dudettes!) and just go bang with them, but the faction really shines when you try to get tricky.
Artwork - Richard has really outdone himself here. The flavor artwork on the backs of the cards is just stunning and the top down views are not too shabby either. And not only do you get 2 different topdowns for the Drake Riders, you get 2 different flavor pics as well! There's plenty of sexiness to go around for sure. Guys into hot warbitches will drool over this faction. The only drawback to the artwork that I can see is that folks who hate the color purple are really going to have an issue...

Packaging - The same as the historicals with the new and improved 3.0 rulebook. I cannot stress how much of an improvement this is over the old way of packaging factions.