This is beautiful, very elvish and fair they are, though you can tell that they're more a rustic folk compared to the Eldar. I love the patterning on the foreground trees also; its very stylistic and adds a unique flavour!
Very nice style... also, the elves look elvishly pretty to me, something I'm very picky about. I really like these. (were Alan Lee's illustrations an inspiration for them, out of curiosity?) My minor quip would be the foot of the elf in the front, and perhaps the length of the arm of the lantern-bearer.