In a quick announcement over Twitter, Blizzard Senior Art Director Chris Robinson has confirmed that updated blood elf models will not be ready in time for the launch of Warlords of Draenor. Blood elves are indeed scheduled for an update just like all the player character models, but they will now be scheduled for addition into Warlords post-launch; perhaps along side another content patch. Robinson did quickly add that the new troll models are still scheduled to be in place at Warlord's launch, and we can expect to see an Artcraft preview of them as early as next week.
As unfortunate as it is that the blood elves are being delayed, I think it's understandable. As far as the older models go, the blood elves have held up rather well. There are other player character models in far more need of updating, so if something had to be pushed back, it's no surprise that it's the blood elves. Then again, blood elves are one of the most popular choices for player characters, so I'm sure there will be at least a bit of disappointment surrounding the decision. Never fear, though, we will get new versions of our favorite mana addicts soon enough, and until then, I'm on pins and needles to see the new trolls. Will my hunter finally be able to blink? I certainly hope so!