D,
I agree on paper they should get a boatload of hits. They should get some wounds, but don't. T3, AS 5 models don't last. Spear Elves are acceptable when buffed or as a mage bunker, but they are not a primary combat unit. At the most, I would field a unit of 30.
Now, that Elves have cav core, cav seems like a better option.