It seems that the house of Feanor and the Noldor like Galadriel had quite a bit of magical power and could, for some time, hold off those like Sauron. (One of them, whose name escapes me, though eventually killed, was able to hold his own for a while and injure the Dark Lord Vala Melkor.) However, I don't know if any Elves born in the Second or Third (or Fourth, if there were many born then, as most left after Sauron's fall at the end of the Third Age.) were as powerful as their predecessors. For instance, Legolas doesn't appear to have much magical might nor, as far as I know, does his father, King Thrandil. It also appears, as a side note, that dwarf Smithcraft is getting inferior, as they don't seem to have that of the type that they had at the time before the Battle of the Thousand Caves, when they wrought the pretty gem thing for the Simaril, and they seem to have lost some abilities after the Balrog ruined Moria, and they lost still more after Smaug sacked the Lonely Mountain. Also, the original humans lived to be 700 years old, which is older than even the nobility among the Numenors during the 2nd age, and even Aragaon seems to indicate that his lifespan is only about twice or so that of a normal man, and will continue to go down with successive generations.