Yes, my favorite race will hit Runes of Magic with the release of Chapter II of Runes of Magic - The Elven Prophecy. The announcement was made at E3, and here is what Frogster posted over at the the Runes of Magic site.
We are proud to announce Chapter II of Runes of Magic - The Elven Prophecy. Release of Chapter II is planned for September in 2009, and completely FREE! During the Electronic Entertainment Expo
(E3) in Los Angeles, we already showed parts of the first new content coming out in August, like the new region "Weeping Coast." With this first addition, the level cap will be raise to level 52. (and then raise to level 55 in September)
As the name already suggests, one of the main elements of "Chapter II - The Elven Prophecy" will be the introduction of the Elves as a playable race. Coming along with a huge new background story, new regions and many new quests.
According to the legends, demons of human origin - having degenerated into underworld beings under the influence of the runes - forged an alliance with the nagas in ancient times. Together, these evil forces brought war and devastation to the world of Taborea. An alliance of elves and humans succeeded in banishing the demons into the void and drove back the Nagas behind a magical wall. However, when elven prince 'Sig'aylas' removed the holy sword 'Arclight' from the wall to defend his human truelove, the wall
perished and the naga threat flared up once again.
You probably heard that there are two new character classes coming along with Chapter II, but here is more info: These two classes will add in as a perfectly addition to the already huge possibilities of the dual class system.
It looks like I'll have to make a visit back to RoM to see how the game has changed.