The easiest way to feel for this figure is to feel for the 2x2 brick. The other pieces will be a bit harder to discriminate.
This figure is the one I wanted the most of the series for one reason, the teddy bear, which is actually my favorite piece is all of LEGO :3 This one is the same as the one we get with the Sleepyhead, but in dark brown and a little red bow tie :D I've decided to start collecting them now :3 Anyway, the new hat piece is pretty cool, and can be used for a custom Link minifigure (hint, hint Wes Talbot/Flailx). The head is okay I suppose, but when I think of an elf, I think of an old guy, with a beard. His torso isn't really all that interesting and unfortunately only is printed on the front. His legs are sort of odd because they are a different shade of green than his body. The present is just a 2x2 red brick with a 2x2 tile on it. The tile has printing of a big, golden bow. That could be useful in any christmas mocs. Of course the whole figure could, but whatever :P