Magic is very 'Go large or go home' right now. If you bring a moderate amount of offensive magic, most lists bring enough magic defense to totally shut you down. If you bring no magic aside from bare necessity for defensive purposes, then all those points your opponent wasted on their own magic defense are points that you are using for more models.
If you do bring magic, Dark Elf magic can be very powerful and overwhelming. A Lv.4 with two Lv.2s is pretty standard magic-heavy for Dark Elves and can toss down a large amount of power dice each turn. The standard outfit for the Lv.4 is on a Pegasus with Focus Familiar. If you are thinking about getting this particular setup and don't like the current Morathi on Pegasus model (I know I don't) then you should wait for a little while for Raging Heroes to come out with their Pegasus:
Click here for Preview! You'll have to scroll down just a bit, the Pegasus preview is below the Wood Spirit preview.