Just to throw in my two cents, personally I think it has lot to do with something like an anticipation of the Age of Men to come. And it was clear that some big change is coming to Middle-Earth - Galadriel, or who was it (though I get the feeling that basically every Elf in LotR said something like that), summed it up quite well - either Sauron wins, which means the end for the Elves in Middle-Earth, or he is defeated, which means the end for the Elves in Middle-Earth. Because it means the end of the Rings and the start of the dominion of Men, if nothing else. Some seemingly believed, or would like to believe, that the Three might continue their work after they are freed from the One's rule, but the Wise - like Galadriel, as she says - apparently believed otherwise, and of course, correctly.
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"Should the story say 'he ate bread,' the dramatic producer can only show 'a piece of bread' according to his taste or fancy, but the hearer of the story will think of bread in general and picture it in some form of his own." -On Fairy-Stories
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