If homo erectus has the same ears as other subspecies of human, there is nothing to say your elves have to have the pointy ears... I think those that came before use it to differentiate them from humans physically.
Personally, i like elves. There are a lot of different ways one can interpret them, either being that classic Tolkien style, more original Nordic, or I've even seen people use elves more in the way that they appear in the illustrious Santa Claus fairy tails. its all about how you use them, even if they are the stereotypical nature-loving, bow-wielding, fancy elves, you can still do something original with them. its all about how you use them in a story.