I think in playing an elf, I've only had it be something remarked on a couple times. I do think Minthara called me a 'fairy' and there has been a skill check or two involving nature or animals. But honestly, the elves at this point, seem pretty indistinguishable from humans.
Appearance-wise, the faces are pretty human-looking, I agree.
I remember we talked about the appearance of elves before. I Do not like the triangular faced odd elves which were quite extreme in some versions, but perhaps more along the lines of the Dragonlance elves for me. At this point, anything might be an improvement, especially the poor drow elves, who look perpetually grumpy and angry.