This is annoying me now, and since I read Ben Yee's review of this toy this morning I can finally respond to it:

THEY'RE NOT ELF SHOES!!!! They are stylised sabotons, a fairly common piece of medieval knights' armour. There were even loosely-applied rules about how long the sabotons could be in Medieval France, based on social class. Of course, they didn't typically point up the way they do here, but that presentation of this particular piece of armour is fairly common in pop culture, and no doubt has been chosen to add to the knight effect for that reason.

So please stop calling them elf shoes. Please. For the children.