I rarely build elephants but they have their uses:
1. Early game blitzing of wooden walled towns (sack the town - pay for upkeep)
2. Psych warfare - not that the AI can't be effectively made to route but it's even easier now (or helpful on Hard / VH)
3. Last ditch break of an enemy line in a battle where you really need it (after missiles have been exhausted preferably.)
Anyone wanting to use them as the main battle tank of the time period is in for a rude suprise (or need to stop watching Peter Jackson's films.)
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