Well, this is just my opinion: I don't think they were 'magical' in any way; they were just very, very sharp
and to Elves there was barely such a thing as 'magic' anyway. They were simply very skilled in the arts of craft and lore. Just imagine, if Fëanor could 'craft' the Silmarils without magic (jewels that perpetually have a star-like light in them? That's impossible for human hands) then elves could certainly 'craft' weapons that were more deadly than any other. Though I must admit, I don't exactly understand how they do it, but the fact is they do. After all, how do you make a blade glow when enemies are near? That's some serious craftsmanship; either that or magic. And Elves (dear Lord I am repeating myself) do NOT use magic.