The primary purpose of this is to stack charges for Arcane Torrent
Blood Elf: Mana Tap
When activated reduces the targets mana by 50 (scales with level) and charges you with star trek credits arcane energy for ten minutes. Instant Cast, thirty second cool-down.
Hunters already have stings that drain a targets mana so this is not useful in that regard. The primary purpose of this is to stack charges for Arcane Torrent.
Arcane Torrent: An AoE that silences all enemies within 8 yards for 2 seconds. You will also gain 5 mana+level for each charge of Mana Tap affecting you.
Depending on how you play mana efficiency can be very important. This will give you a little bit back, but it will rarely be enough for even one good ability.
The primary purpose of this is to silence your enemies. This is great when fighting caster type mobs and PVPing. The downside is that you have to be in melee range in order to use it.
Arcane Affinity: Automatic + 10 skill to Enchanting.
Another simple crafting bonus that really will not affect you as a hunter. Nice, but not great.
Magic Resistance: Increases all resistances by 5.
The biggest problem with resistance racial was that they only worked in certain encounters. This racial covers all encounters, but gives a lot less help.
Over all the blood elf abilities are most useful in PVP where the silence from Arcane Torrent can interrupt spell casters. Their other abilities are fairly balanced as well but nothing that especially helps a hunter.