they are the oldest ones too ;)

Yeah.... A "Sexy" 1247 year old. 0_o

The Night Elf racial abilities are really disappointing.  Shadowmeld is an excuse to go AFK or gank?  Christ, that's stupid.  Of course, you have to look at it in multiple ways.  As far as PVP goes, the bottom classes are draenai, NE, orc and troll with some allowance for tauren - the 2-sec stun is very useful for every class a cow can be.  Orc and troll deal extra damage and draenai have passive extra damage and a heal, and NE have...  Shadowmeld to help them avoid combat in the first place, even though they can already be rogues and hunters, and a warrior/priest wouldn't much want to avoid combat.  So they lose at PVP, but at least they do quick corpse runs.

As for PVE, wisp form helps if you die a lot and shadowmeld helps if you go afk a lot, so if you're incapable of playing the game well it's perfect.  The nature resistance is meh.  The dodge chance is the only redeeming factor for the race, and to be fair, it's ridiculous.  A NE Hunter can have a 20% chance to take no damage from any physical attack by level 10...  I likey.

So I guess your five redeeming qualities are:

1) NE are by far the coolest race, since midgets shouldn't exist to begin with, trolls and orcs are ugly, humans are boring and shitty, BE are crack addicts for magic undergoing a civil war, cows are cows and there's not much going on there, and draenai...  Yeah.  They also look good in everything.
2) NE female character model is insane cool.  This is mitigated some by the fact that the male character model is shit.
3) 1% to dodge is insane for a tank, hunter, rogue or druid.  Priests, sux4u =C
4) NE mount, eos
5) The jump is so fucking cool.  It may not seem like much, but go around for hundreds of hours staring at an orc, tauren, draenai, or worst of all, a gnome...  And then figure in that little bit of excitement and cool factor you get every other time you jump.

What is sad is that there is no mechanical reason to play a NE, they're just super fucking cool.