The backstory for AoW1 states in a number of places that elves are capable of living forever although, obviously, they can be killed just as humans can. It is implied that a traditional elven lifespan is somewhat over a thousand years, however, since the dynasty of the Elven Court prior to Inioch had the successive kings have one-thousand-year reigns before departing to Evermore. The reign Inioch's father's, who was king before Inioch, ended this way. This departure isn't presented as death, though - text elsewhere in AoW1, mainly following Talic's descent into undeath, implies a very existential nature at least for the elves, in that they may not have an afterlife if they are killed physically. This is just implication, though, and hard to prove.
Bormac Orcbane was one of (at least) three heroes to be imprisoned in the Hall of Heroes under the Dwarven lands. One of these three is a halfling. Now, upon playing that at first, I had the impression that the three were basically in temporal stasis, but Julia's second mission in AoWSM revealed that Bormac essentially stopped aging after that - he has become immortal, like an elf.
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I was not referring to the time difference between AoW1 and AoW2, and my reference to "a couple of hundred years" is referring to the lifespan of Bormac. I was not criticizing you there; what I was criticizing is your uncertainty of the elves' immortality. Also I realize that I probably should have been less harsh because it has been a long time for us, so I apologize for berating you as I did there.
It is quite likely that the gap from AoW2WT to AoW2SM is fairly short - less than a century, as you say - but a considerable length of time elapsed between AoW1 and AoW2, long enough that Bormac by all rights should have either died of old age or else be very very old even by the time of AoW2. Again, I think he's immortal.
Reasoning: the gap from AoW1 to AoW2 includes the following:
-Julia has restored the Elven Court to the point where she has herself acquired a legendary status, as Gabriel described her to Merlin in Fire 1. Julia's victory in the Valley of Wonders (presumably in a way that is impossible in AoW1 itself, by allying with the High Men) is not within living memory of human beings.
-The Serpent River is described in the opening of Water 2 as flowing into the ocean. From the map of the Blessed Continent in AoW1 as well as the plot, the Serpent River flowed into Blackwater Lake. Again this is doable given how much the Wizards have been messing with geography, climate, and everything else they've been doing, but there is no reference to a recent catastrophe that would result from submerging the southern part of the continent, again implying that it was long enough ago by the time that AoW2 took place that most people didn't remember it.
-Aldor is also half-submerged in Water 3, and again seemingly having been abandoned by the Elves who once lived there for an extended period of time. Mab has moved in with the Goblins. Now, while this by itself doesn't imply that much time, asking how Aldor got submerged and
why (e.g. who was living there that the Wizards warred on to half destroy it) implies a significant time gap.