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Because of the versatility of their archers, it is possible to have the lion's share of any Silvan army be made up of Light and Sentinel archers, which will utterly butcher any army trying to charge them. Even their basic Light Elven Archers have range and firepower comparable to most other factions' best archers, and the Sentinels that are their second-level archers are excessively long-ranged, hit hard and have excellent melee capabilities as well. As a result, expansion as the High Elves is slow and you won't be able to build a big, potent economy for a long time, so your armies will be rather small, unless you're willing to go totally against the lore and start conquering the other "good" races. (Dwarves to the north, Eriador to the east, Rohan to the south).
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The only thing slowing the High Elves down is that they start off in the campaign in a fairly poor position with limited expansion options. That impulse will likely go away after the first time they butcher and rout the orcs that hit their lines and then merrily execute the fleeing survivors with arrows to the back. You might be tempted to scream at the cocky Noldor elves when cheap enemy infantry surge in on your very expensive and difficult to recruit archers.
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They're slow, but seeing as how Third Age places a greater emphasis on city sieges.
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