My opinion is the twisted version of yours
Folwren. I think the Hobbits were brilliant. But the Elves missed the mark.
There's a temptation to imagine the Hobbits as childish and I think Jackson and co. avoided this very well. The Hobbits were serious and chirpy and all of that good stuff but they never became a joke or a parody.
The Elves, on the other hand, were a bit of a parody. Now I'll be the first to admit that Elves are hard to become; their 'otherworldliness' is not something which many (any?) people possess. As a result they just kinda floated about followed by odd music and strange lighting and looking
so serious! Again, very hard to capture, but I didn't think the Elves were particularly good at all. They just came across as snooty men, really. Awesome hairstyles though!
And that was about Hobbits and Elves in general, not specific characters.