Elves are a tiny bit under-powered.
They have three notable advantages over other races: Magnum Shot, Movement Speed, Hide
The first is fairly comparable to CC Firebolt in most situations. It's capable of much greater DPS versus static bosses but is generally less reliable and requires far more resource investment. The second is somewhat offset by the numerous movement speed sources which don't stack at present. While certainly valuable, it in no way compares to other racial bonuses. Hide is pretty nifty and it's really useful when used with Hydra but it's not particularly flexible during combat. Damage-wise they're inferior in all talents aside from archery, where they're only superior to Humans when it comes to Magnum Shot DPS.
Giants have the ability to wield lances (high damage, ignore 45% prot) alongside shields (enabling alchemy use or reducing damage to 1) and heavy armor (further bolstering defense) at no cost to offense. Damage-wise they're equal or superior in all talents aside from archery, which they do not possess.
sad story: if giants get archery they will be better than elves; bigger bows would rely on str + dex higher base attack on bows and huge arrows with probably extra attack too.