I find that High Elves are actually very competitive if you choose the right heroes and deployment and such all goes the right way.
Glorfindel on Asfaloth is more than worth his points, as he can mash anything. So are Elrond and Gil-Galad.
Elrond is a powerful prospect on the battlefield as he is both very scary and can do serious damage. He can nature's wrath anything that causes a problem and then walk in and finish them off. Some people think that he is over priced, but I think that he is not too bad.
Gil-Galad is capable of killing almost anything that is up to double his points, however, it is useful to have elrond or a high elf stormcaller around to compensate for his lack of fate. He has to make sure he wins the fight against monsters or he will be hurled away from the battle (noone wants to face him 2 turns in a row). He is able to hold his own with sauron in a duel and can even kill a Balrog, as he has more might to win the fight, and +1 means only 5/3 to wound a model about 3x his pts value. The twins are beasts, and have 3A unless mounted, and heavy armour is not amazing on them, as if one of them dies, the other one has D4 regardless of armour.
Gildor is good, as he is cheap (ish (for high elves)), but is very squishy due to low defence and fate, but his magic is quite effective and his upgrade is invaluable to wood elves, as they really need to be able to out-manoevre people to slaughter them in a battle.
However, if you are not taking Wood Elves, Erestor is a far better option IMO, as he has high defence and fate values and can re-roll failed To Wound rolls when not using his 2 Handed blade. However, both heroes have less might than a captain, but for 5 more points. Captains are very overpriced but still good in some situations as D6 or 7 can come in handy.
High Elves lack cheaper heroes and troop types. Troops like in the early stages of Third Age Total War campaigns would make them a much more viable option. Maybe elven rangers too?
Also, If they were given some 2A troops and pikes, they would be almost unstoppable. Elrond or Gil-Galad leading an Elven Phalanx would be really cool. Maybe that is why GW do not give us High Elf pikemen, as elves never used phalanxes.
If any one has any more questions about High Elves, feel free to ask.
Before someone accuses me of going off-topic and just doing a faction analysis, I was merely giving my opinions as answers to previous and future questions all in one go, and saying myself that High Elves are a good faction if played rightly.
Now, my opinion on Rohan.
I have a friend who frequently plays an all mounted Rohan force.
He often plays this force:
Eomer, KotP, Armoured horse
12 RoR
Captain of Rohan, Horse
12 RoR
It is very tough to beat as they are nigh impossible to catch and can shoot you to bits all day long. When they do charge, Eomer can wound High Elves and Uruk pikes/ crossbows on a 4+ (not good for such expensive troops) and so we get slaughtered at long range (100% bow limit at so few pts means elves have too few archers to do damage) and, when they charge, Eomer is a beast (He once Killed Gil-Galad in one turn) and each rider has 2As, even though they are only 3 or 4 pts more expensive than a high elf.
So, now you see my point. Rohan is amazing if all mounted and at low pts.
Infantry, however, not so good. However, Helmingas are amazing with shields and when supported by allied Wood Elves with spears, as S4 and F5 and 2As are amazing!
See? Any faction can be competitive and even overpowered if played in the right way and with the right army list.
I have never played against or with Numenor or the Shire, or the Wonderers in the Wild, so I cannot give opinions on them.
Thanks to anyone who can be bothered to read my ridiculously long post,
LordElrond
P.S. : Ifyou have any questions please ask
EDIT: In the end, I chose Numenor and the Shire in the poll becuase of the lack of warbands you can take for a swarm army and the high costs in £s for the cheapest troops in the game. Also, Numenor are very tactically disadvantaged although they have 2 heroes. Maybe they should have been in the same list as Arnor like Harad and Umbar are and like in TATW?