To be honest I'm rather glad that skill is gone, as it was quite basic, and just meant another of their heroes skipped some effort, and snowballed more effectively.
Exactly. 'Generic' is the most appropriate adjective, until your heroes would fully level up and then such option be rendered ultimately quasi-useless.
Besides, I believe that Elrond's design is already more or less solid and complete. It's therefore the main reason why any possible other change does not really excite me that much; the said scholar-like (hero-supporter-type) trait is, in my opinion, explored through restoration. I mean, I don't feel that he's in dire need of a new ability, given his consistent characterisation. Very consistent. Nevertheless, coming up with something more creative than the usual mount and retaining the very mount at the same time would be equally nice to see.
I thus suggest someone among the participants in the debate open a new thread in the Imladris board, explaining clearly how the ability should work and all the related arguments backing the point. This topic is getting bigger and denser day after day; it was also started with another more global (general) goal in mind. I fear that a too vast discussion might thereby create a bit of confusion.