I would say in defense of the WE list that actual combat tactics need to be accounted for as well. WE spears have the double advantage of being able to support another model as well as shielding if needed. With their high Fight value, I'll often charge one WE against two or more opponents and then shield, effectively freezing those models and having pretty good odds of winning the fight and living another turn. This allows other WEs to gang up on opponent models. And if you provide some spear support to your Fights you have a greater chance of taking down your enemy with the extra dice. The S3 is the only real weakness to the Wood Elves and getting a few dice to roll helps get that 4 or 5 (or 6
) needed to wound.
The presence of 8 additional shots with Throwing Daggers is also a major factor. If you're lucky on how you set things up you can get a full bow + dagger shot in on the same shoot phase, or you have 8 chances to kill on a charge with them or you can do a full move and still throw, allowing you to use them to cover your move or retreat.
Legolas is a great single Hero, but I'd suggest that you may have equal or more success with Thranduil. You loose a couple shots but gain a higher defense hero with a special rule that can turn a game's fortune if timed right. I think either would be effective in this list but you need to play to their appropriate strengths.
I'm not saying Wood Elves are the "ultimate" army, but played well I think the WE list above can hold its own against any other equal point army. 'LotR Math' only gives the foundation for success but your ability to play them to their maximum carries far more weight in your success. You build an effective army list and then learn to play it to it's maximum. I have a very high win ratio with my WEs against Isengard Uruks, Morannon Orcs, and Goblin Hordes and it's only partly due to the early shooting.