I'm no expert on d-elves or elves in general so take this with a large chunk of salt, but while swift strike is nice and all, faerie fire might really be helpful when fighting against ranger, thieves, assassins, transmuters and outlanders.

Mind you, you'll most likely be getting jumped and/or ambushed first so faerie fire might lose out to flee as your first command but I can still see it being useful in various situations.