i dislike the stereotypical views that everyone seams to be portraying, and the vital points that some people seem to miss.
firstly - many people only concentrate on the combat elements of all three species. Elves are pacifist, living low key lives in cut off places (Rivendel, Lorien etc) , and cut off from everyone else, probably due to the fact that they do live forever, (which has GOT to get dull at some point) and distrust everyone else and love themselves for there beauty and style. in a word recluse.
secondly - Orcs; bloodthirsty, yes, inherently evil, yes, however, nomadic, shunned, killed on sight due to bad image, stupid, ugly, you cant exactly blame them. at almost all points in the stories they mass together the wreak havoc, they are doing another, grater beings bidding(Saruman, Sauron, etc) and human flesh may be just really tasty??? you never know. summing them up, animals with simple tribal and survival traits, ready to destroy and utilize everything at there disposal to win....(remind you of anyone?)
lastly - just because a particular species is good at something, does not mean that they are immediate bad at everything else. people always book dwarves as simple and brutish, but as amazing smiths and farriers. but you cant build a civilisation on these traits, as we see from the great architecture in moria, the mathematical genius and great intelegence of the species as a whole to have developed such skills is breathtaking. they also have a detailed language, and must also have scribes, as we see from the tomb Gandalf reads in moria. a race of great knowladge, but lacking wisdom, due to there greed for gold and wealth. (also, was not Aragorns Sword Narsil "The Flame of the West" forged by Elves?
on a final note, and don't take me wrong on this because i think that Tolkien was one of the greatest writers ever born, but do we always have to stick to his descriptions and world rules when we refer to these species, use some other points of refference, like prattchet? or even JK Rowling's??!?!?!? have some perspective people.
(ps i would still be a dwarf, shearly cos of the engineering prowes, preference to axes and close combat skills, and the accent.
hope this helps
