Longtime Elite 1 and 2 user, but I just received the new Razer (ordered on the initial descriptions here at Windows Central, thanks!). Haven't used it yet -- it's charging now to get ready for first use.
For me, the big missing feature on the Razer is that missing accessory port. I'm surprised this doesn't get more coverage, which I suppose supports that most people don't use it. I have attached the keyboard/chat-pad to the back of my controllers and my kids' for years, even before the Elite 1 came out, and that's impossible on the Razer. I don't even use it for chat much (kids do), but for typing in search fields, entering usernames and passwords, etc. Doing that with a stick is a horrible UX, so I don't understand why more people don't attach the keyboard. It has zero negative effect to the ergonomics, massively improves the capability, and is relatively cheap.
I loved the Elite 2 for play, but on reliability, it's been quite bad for me. After going through multiple Elite 1's, I had higher hopes for the Elite 2. Even on the 2, the rubber grips came off for me (I know that's rare on the 2). I had to replace the whole bottom half plastic, which came with new rubber from a third-party (not from MS). Not a trivial operation and really benefits from a combination of those plastic and metal pry tools for taking electronics apart.
For me, it's not the Elite 2's right bumper that's been a problem, but the left: it often sticks when pressed, so the Xbox thinks it's being held down with no easy way to unpress it. I slide a credit card in to pull it out. (and to be clear, I've never spilled anything on it). My main fix that makes it still usable is that I use the forward paddles to replace the bumpers (so left forward paddle replaces the left bumper). Then, I just never use either of the bumper buttons (and I use the back paddles to replace the stick buttons, which I always found awkward to press anyway, so love the paddles to replace them).
There's also the widely reported initial problem, where the triggers stick a bit. I think MS fixed that with later production runs, but mine still has a bit of that in one trigger. It's tolerable and fixable if you take it apart and move the pad out of the way (I did that for one trigger, but left the other because it's a pain to do and not TOO annoying -- doesn't affect play, just feel). Definitely another negative, at least on the early builds.
Another problem for me, the rubber covering on the left thumb stick fell apart (I'm using the dome-shaped stick), so now it's just a metal knob (which actually looks very cool but gets uncomfortable to use due to sharp edges). I could look for the alternate sticks that came with it and replace it, but I like that shape.
I also find that the controller gets in a state where when I use the D-pad button, it will treat every press as 2 presses, but this seems to be a software or firmware thing, because I can reset it through some convoluted sequence of button presses I found online (weird) and it stops happening for a few weeks.
As bad as those problems are, I would still have replaced it with another Elite 2 soon. Because when it's working, it's amazing. But with the Razer Wolverine v 3 now an option, I jumped on that. I hope it holds up better.
One thing I really prefer about the Elite from an ergonomics perspective is the shape of that special silver D-pad button. I much prefer that to the Razer's and stock Xbox controller, but that's a fairly small point overall. The missing accessory port and inability to attach a thumb keyboard to the controller is a bigger problem for me.
I don't think the battery life will matter as I always charge when not playing but do wish I could charge it by setting it on a charger instead of plugging in a cable. It's a wireless controller that still requires a cable to charge. That undermines the benefit of being wireless.
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