It took me a while to notice the pointed ear. I was wondering why it was called an "elven" steed before I noticed it.
The mini clearly has several problems with it. (The join line is the most noticable, but looking at the way the legs are carved, a cover up of the seam line would only marginally improve the mini in general.) The paint job is good. There is only so much you can do with a horse, although I suppose you could do more with an "elven" one.