I'm always in favor of excluding humans altogether. In nearly every fantasy world, humans are the most numerous, most varied, and most significant. I'm tired of it. So either no humans, or very few. Also, I support fantasy with a slight tech angle, as long as that doesn't mean low magic. I like magic.

Also, for elves and dwarves, we don't necessarily have to exclude them, just make them different enough. Especially with dwarves. They live in great mountain halls, their write with ancient norse runes, they are master blacksmiths, they prefer axes and hammers, they are all alcoholics, they have a beard fetish, they all speak with a Scottish accent... Most, if not all of this is true in nearly every setting. Why not have them live on mountains, be expert engineers, wield swords and spears, and talk with a British accent?
Note: that was just an example. Although British dwarves is a fun idea...