My apologies to those expecting foolish blonde bards.
Elan are a fascinating race concept: immortal lifeforms with some unique psychic powers, created for some unknown purpose by a mysterious council. It's a pity no setting I know of actually uses this for anything.
Anyway, their powers are pretty on-par with those of a +0 LA race. A rather insignificant -2 charisma is compensated for by two free power points (not one: the errata corrects the book on this), as well as the ability to use PP for damage reduction, a saving throw bonus, or nutrition. They also get the aberration type, which opens up some interesting possibilities (alter self shenanigans, rapidstrike).
Would I play elans over other +0 races? For the right character, I definitely would. Considering their unique blend of up- and downsides, I think it's more than fair to declare them on par with your typical PHB race, so +0 LA it is.