They still are awesome - but are more realistic IMO.

I did a load of tests vs Roman troops, myself being the Elephant unit each time:

1 - 1 Unit of War Elephants vs 2 Units of Princeps = 88 Princeps dead after the first charge

2 - 1 Unit of War Elephants vs 2 Units of Triarii = 126 Triarii dead after charge + milling and killing

3 - 1 Unit of War Elephants vs 2 Units of Urban Cohorts = 135 Urban Cohorts Dead after charge and more milling and killing

4 - 1 Unit of War Elephants vs 2 Units Auxilia = 78 Dead Auxilia after two charges.

5 - 1 Unit of War Elephants vs 2 Units Velites = 83 Velites Dead after chasing them around the map and getting almost all of my kills with arrow-fire.

I never lost any of the elephants. They never were less than Eager/Tired. They only got tired vs the Velites. So basically Elephants are amazing against unsupported troops - but if you charge them into a phalanx don't plan on keeping them for long.