Very different appeals. For me, I'm a huge dwarf fan, though I don't see them as the tail gaiters. I really dig their stoicism (we're not a dying race, we'll retake Karaz Ankor any year now!), duty, honor, and complete horror at losing face. The concept of a dwarf digging his heels when he knows he is wrong and dying rather than admit a mistake because he can't stand the shame is appealing to me.
Elves are great too, except for the dark elves. High Elves have this sense of danger to them. Ruthless imperialists down to the last one. I see their courts as being a dangerous place to be, and their foreign policies to be devoid of ethics. They won't help you because it is the right thing to do, they'll do it because it helps them. And if a few thousand humans die, does it really matter? As long as there are enough left to hold back the tides of chaos, then what are a few thousand deaths here and there. It isn't like they live long enough anyways to be worth actually knowing. Heck, by the time you blink they are already dying of old age, so what's the point? And the worst part of it all, is that when they look down at you, you know exactly why...
Wood Elves. Completely foreign mindset. Almost germanic in their casual cruelty towards those who enter the forest. Leave offerings by the trees, create fey dolls and put them in your cribs, and pray to the gods that they don't steal your children. But their not evil. They are just not human.
But Dark Elves? Evil for the sake of being evil is just boring and unrealistic. That said, it is a common problem for GW, in that their "good guys" are an interesting shade of gray, while their bad guys twirl their mustaches.