[Dwarin Thunderhammer]

Elrond was not a wuss. Plain and simple. Like joy said the Elves were fading. Their strength was gone. The elves were steadily leaving the shores of middle earth. The blood of the Noldor was all but spent. The Elves were very weak in numbers if I am not mistaken only 4 cities of the elves remained. Greenwood the great, Lothlorien, Rivendell, and The Grey havens. These populations were steadily decreasing as stated before. Their strength was not enough to overthrow Sauron.

The mortals of middle earth needed a King. If Elrond set forth from Rivendell they would have looked to him for leadership instead of Aragorn. Aragorn and the race of men needed to step up to the plate. Men could no longer look to the Elves for help. Elrond and the Elves had not the power or the will to keep on fighting after millenia. Aragorn established the Leadership that would unite the race of Men and overthrow Sauron.

Secondly, there would have been no point in Elrond setting forth from Rivendell. The ringbearer got the job done. The ring was destroyed. Elrond's mind was needed not his muscle. Elves at the black gate would not have helped. They would only have been targets for orcs. Aragorn was able to get the job done. The race of men sucseeded in saving the world. The Elves would only have served as a distraction.

Thirdly, as to why Elrond personally did not set out for battle. It would have been foolish. Kings need not be on the front lines of a battle. Their leadership is needed more than their sword. The loss of Elrond to the Elves of Rivendell would have been fatal. Where Aragorn needed to gain credebility by fighting, Elrond needed none. He would have just been a needless casualty. Not to mention losing his ring.