The speed honestly doesn't bother me horribly though it could be knocked up just a notch--that looks reailstic, so kudos.
What does bother me is the actualy animations for the walks. The initial female Elf walk and speed before the change was -ridiculous-. They looked like wind-up toy soldiers tottering off to their friggin' doom, or a very bad attempt at overly cheery peppy 'genki genki' girl.
No thank you.
With the speed change, you still have the same awkward hip rolling. It just needs to be tweaked. No so agressively overt.
As far as male Elf goes, only vaguely do I miss the hum-dee-dum sway of it... but that's mostly because my character was such a goof to begin with. The change to it is fine for me.