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Joe, the evaluation of the Elk builds on tests with Zillions. Zillions
internal evaluation algorithm places its value between a knight and rook.
It is quite logical because it is not a knight *and* rook. It is a knight
*or* rook. Hence its value is the average of 3 and 5. However, as its
knight capabilities are reduced (it cannot jump to white squares) its
value should be less than 4. But the Elk's maneuverability makes its rook
capabilities more useful. This increases its value to around 4. I suppose
it's logical. It is true that I have   chosen the simple method of
exchanging a piece in the Fide setup. It is much easier to test a piece in
a well-known context. Moreover, the result happens to be quite fun and
interesting. New tactical and strategical aspects are introduced. But
please feel free to use the new pieces in more ambitious game constructs.
Due to its relative low evaluation it is a very useful piece. Comparatively, a 
Chancellor isn't very useful. Its value is so great so you can't use it very 
much, except exchanging it for an enemy Chancellor or queen. 
--Mats