I played through the first few levels as a Blood Elf Mage at E3 today. As a veteran of every other newbie land, I have to say that starting from scratch as a Blood Elf has a similar feel to the other races -- there's only so much you can do as a newbie, after all.
However, the newbie quests have an interesting twist. Thanks to the Blood Elves' Mana Tap racial, levelling downtime is reduced, and quests teach you how to use the racial effectively. It's going to be a really vital get-out-of-jail card -- when you Mana Tap enemies, their mana is reduced and you receive a buff with no immediate effect. You can stack this effect up to three times, and then unleash the Arcane Torrent racial to restore your much-needed mana at a time when it really counts. The cooldown means you can't use this all the time, but I can see it becoming really vital for healers, for instance.