[Mithalwen]

Yes .... I always wondered exactly what he meant by that but now I realise that although the one ring was destroyed there would have still have been a lot of orcs in the Misty Mountains and Rivendell might have been vulnerable - Elrond's power would have been diminished by the failing of Vilya and although mighty warriors dwellt at Imladris, I doubt it could have mustered a large force at that point.