High Elves are clearly wanted as a playable race by many Alliance players, if polls on this site are any indication. A thought, if I may, about the idea?
A large number of High Elves were stranded on Draenor when the planet imploded. Many of them would have been with Alleria's expeditionary force.
Now, we know that High Elves, as well as Blood Elves, are addicted to magic. Blood Elves who gave into their addiction became Wretched. The only physical difference between the races is that the Blood Elves have taken raw magic from others ("Mana Tap") to sustain themselves and have had mild fel corruption from the process.
Lost Alliance forces, including Alleria and Turalyon, return to the Alliance fold. But Alleria and her people have... Changed, due to their forced removal from the Sunwell. Playable Alliance Wretched (Still named "High Elves", the way Forsaken are named "Undead" in game tooltips). Obviously a model update, similar to what Worgen got between their Vanilla debut and Cataclysm playability.
I imagine this would be a pretty alright middle ground between "We Want High Elves" and "Alliance Shouldn't Have a Copy-Paste Horde Race". The entire relationship being similar to that between Humans -> Undead/Worgen. Essentially, the same race in varying degrees of affliction. Wretched would also make for another proper (attempt) at the "Tragic Hero" that the Worgen were intended to be (But then promptly forgotten about).
Meanwhile, Horde gets Ogres or whatever, nobody has to be unhappy about losing an integral race of their faction's history, nor having copied models.
Edit: Oh, yeah. High Elves confirmed to be capable of becoming Wretched at Quel'lithien Lodge in Eastern Plaguelands.