I believe that elves are the way to go; this is why:
Elves show the skill in range which is made a greater advantage because of their speed, both in shooting arrows and in running.
Elves can kill the monsters because of their ability to leak the monsters health, but also their massive damage, as they can essentially dual wield arrows (two shots in one).
Also an elf could easily beet a giant in a pvp match because a giant simply wouldnt get close enough. A giant could run at an elf all they want, but all that will come out of it is a handfull of arrows in their side. Even if by some miracle the giant gets close, the elf can simply turn and ride is trusty steed, while still shooting the giant; though many times he will not even need this because of the brutish and tanker ways of the giant, and also the elfs foot speed is much faster.
Simply put, an elf would win because of his/her speed, speed with ranged atack and speed on foot or horse. An elf can attack in many different ways, and also an elf can drain a giants health using mirrage while the giant slowly lumbers after the elf.
Also, elves are much better looking than the enormous giants because they aren't oversized and clumsy looking; they are compact and slim, but can still pack a punch. Elf's seem like the best option for any players....
Although I would prefer if some choose giants; that way I will have some easy prof training for my elfs bow!