I don't know if I can add much more than what's already been said, but here's a few more things about the Elven involvement in the Third Age.
Sauron had a smart strategy planned. Back at the end of the Second Age and the Last Alliance, Elves and Men combined to be a mighty force and they did overthrow and defeat Sauron. By the War of the Ring in the Third Age Sauron wanted to avoid this from happening again. He figured Gondor was going to be the toughest, plus he hated Gondor. He hated Isildur for taking the Ring from him and he hated Isildur's City. Therefor Gondor was going to bare the brunt of Sauron's attack.
What Sauron's strategy was is quite brilliant, and probably why we don't see Elves come to Gondor's aid in the way they united back in the Second Age. Sauron's strategy was to tie up any possible allies and prevent them from uniting with Gondor. Rohan was probably Gondor's strongest ally so he pulls Saruman to his side, to get Saruman to attack and tie up Rohan. He also sends an Easterling force to siege the Dwarves of Erebor and the Men of Dale. He sends his armies from Dol Guldur to attack the Elves of Mirkwood, and out of Moria comes the armies that would attack Lorien. To prevent Elves and other allies from uniting with Gondor he goes and attacks them and forces them to take the defensive. Definitely a good plan, it didn't work out the way he planned it, but nevertheless a good strategy.
Besides militarily lending aid, the Elves had also lent aid through council, gifts and rest. It was Elrond and Gandalf who did the main planning as far as the formation of the Fellowship and what they were going to do with the Ring.
When the Fellowship got to Lorien they had a much needed rest and were there for 1 month. The Fellowship needed both mental and physical rest. Also Galadriel and Celeborn help out the Fellowship through their gifts. The Elven cloaks, the elven boats, the lembas, the Phial of Galadriel all go to aid the Fellowship (and especially Frodo) through their journey. It was also Galadriel that sent the Dunedain to Aragorn and company:
Quote:
'They answered a summons, as you heard,' said Gimli. 'Word came to Rivendell, they say: Aragorn had need of his kindred. Let the Dunedain ride to him in Rohan! But whence this message came they are now in doubt. Gandalf sent it, I would guess.'
'Nay, Galadriel,' said Legolas. 'Did she not speak through Gandalf of the ride of the Grey Company from the North?'
'Yes, you have it,' said Gimli. 'The Lady of the Wood! She read many hearts and desires. Now why did not we wish for some of our own kinsfolk, Legolas?'~The Passing of the Grey Company
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Eventhough if The Elves were not militarily able to fight Sauron like they had in the past. As many of them had left, or been in the process of leaving Middle-earth. They still aided Men in other ways and in whatever ways they could.
