Being a Hobbit springs to mind as my first choice. I appreciate the humility, as well as the beer (and probably the pipe-weed, assuming being a Hobbit means I am no longer subject to random drug testing). Although the kick-assedness of being an Elf might make up for the egotism and constant, cold flourescent lighting - just the archery skills, alone, might be worth it. Plus, Elf chicks are waaaay hotter (and cleaner) than Hobbit chicks (blech), and I bet they fool around all the time, otherwise being eternal would be unbearable. So I guess I would probably choose being an Elf, but there would be a lot of self-loathing.
You know, some of these questions are worthy of debate threads, on their own.
Be Indiana Jones, or Han Solo?