For the most part I would echo 'A. Whitehead's' review. However, you can break the book into two sections: that of Elantris, and that of the politics outside Elantris. Now, whilst the parts of the book that are outside Elantris are interesting, in no way are they as interesting as what is going on inside Elantris.
It would have been far more interesting to delve deeper into the history and magic of Elantris, for instance the re-discovery of practicing AonDor(the magic behind Elantris) in which Raodon(prince who became an Elantrian), after he arrived in said place, was attempting to find out how the magic disappeared and if he could work out how to use again , but this seemed more a side story to the far less interesting politics of arleon, teod etc...
To have such a great magic system, then leave it on the subs bench for the first half seems wasteful to me, i mean you wouldn't bring Wayne Roony on for just 20mins, would you?
Basically, there is not enough of Elantris in Elantris. That said, is was enjoyable, with strong characters, and a very intruiging magic system.
Overall, it is a solid first book.