I too think it to be a metaphor for the elves rather than on the ladies' physical appearance because in the last page of the chapter "The Steward and the King", Frodo says to Gandalf about seeing Arwen Evenstar, "At last I understand why we have waited! This is the ending. Now not day only shall be beloved, but night too shall be beautiful and blessed and all its fear pass away!"
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Just because a person has the right to do something doesn't make it the right thing to do.
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