Robert Jordan's Wheel of Time series, IMHO, is excellent, although it doesn't have elves/dwarves, but it does have an interesting take on magic, etc...
It's definetly an epic, though - I think it spans 8 books now and rising.
You also might want to check for R A Salavatore (sp?) - he's another D&D writer that has done much for the Dark Elves...
Ed Greenword (Elminster series) and Douglas Niles (Rod of Seven Parts) are also good. Steven Brust wrote the Jhereg series - quite good, if decent, but the books are bit thin.
Robert Zelazny also wrote an excellent series called Amber. It's a bit different than your standard fantasy stuff, but the man is, IMHO, a God of fiction.
~Gandar
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