Just wanted to throw in the mix here that the Elves drawn by Tolkien in
The Father Christmas Letters do not appear to have pointed ears. Actually, one doesn't see their ears at all. But I would tend to believe that if he felt very strongly that they did have such ears, he would have made some suggestion of it in these drawings. And I know some will argue that they are Red Elves, and really don’t figure in this discussion at all, but there you have it. He does call them 'Elves' not 'elves', though their stature is somewhat pixie-like.
In my own opinion I think that the Elves might have a very slight natural point on the inside ridge of the ear, similar to what can be seen in some humans. Just that it happens more frequently among Elves. I do not think it is unnaturally pronounced. Sort of like aquiline noses or Hapsburg jaws.
