The elves are very pretty in BG III (as are all the character models), but I find them pretty indistinguishable from humans and half elves.. If you lined up Shadowheart and Halsin and told me to pick out the half elf, honestly I'd probably pick Halsin. I think they might have used face scans for the models, which would explain a lot-there really aren't a lot of IRL people I can think of who have the extreme triangular/heart shaped faces and large, inward tilted eyes characteristic of earlier editions depictions of elves.
I wonder what Larion will do if/when they bring back any of the elven companions from the previous two games-how accurate they want to make them to their character portraits. I mean, Aerie would look a bit like an alien even if you put her next to one of the more cheekbone-y elves in BGIII like Kahga,