The Homage: The look of the elves, including Arwen (though she’s not played by Liv Tyler) is spot on in the short film.

Lesson For del Toro: Since we meet Elrond (whether Hugo Weaving is officially signed up or not), del Toro already has his blueprint for how the elves should be treated in The Hobbit.

But since the Wood-elves of Mirkwood are presented in the book as much more ambiguous (Bilbo has to rescue dwarves from them), del Toro also has latitude to play with their look and motivation.