I have recently come across Lord of the Rings SBG and have been trying to make up my Rivendell army so I can then go buy all the minatures I need. This is an army to be used in 750 point battles.

Warband 1 12/12 -Elrond’s Guard
Elrond
3 High Elves with Elven Blades
9 High Elves with Shields and Spears
Warband 1 Total: 209

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Warband 2 12/12 –The Twins
Elladan (Heavy Armor, Elven Bow, and Elven Cloak)
Elrohir (Heavy Armor, Elven Bow, and Elven Cloak)
1 High Elf with Elven Blade and Banner
4 High Elves with Elven Blades
6 High Elf with Shields and Spears
Warband 2 Total: 321

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Warband 3 12/12 –Arwen’s guard
Arwen (Elven Cloak)
12 High Elves with Elven Bows
Warband 3 Total: 202

Grand Total: 732

If anyone could give me any advice if anything needs changing then it would be much appreciated. I also have a few points to spare, if someone could suggest what I could do with them it would be good.
Thanks in advance.

P.s. As a side note, would the Mirkwood Palaca Guards be worth replacing over the High Elves?

Looks like a good, solid, traditional Rivendell list. There's just a few things I'd mention.

1) As you want the twins to get in to combat ASAP I'd recommend dropping the bows.
2) With the remaining 28 points (if you drop the bows), consider adding in another banner, or potentially swapping out Arwen for Erestor. He's still themed and I personally think he's a much more useful investment of points.
3. Numbers are a bit thin on the ground, you might want to consider adding in Gildor and a warband of elven exiles and slightly reducing the numbers in your other warbands.

I can't say much about Palace Guard as I have no real idea what their stats are like

1) As you want the twins to get in to combat ASAP I'd recommend dropping the bows.
2) With the remaining 28 points (if you drop the bows), consider adding in another banner, or potentially swapping out Arwen for Erestor. He's still themed and I personally think he's a much more useful investment of points.
3. Numbers are a bit thin on the ground, you might want to consider adding in Gildor and a warband of elven exiles and slightly reducing the numbers in your other warbands.

That's a brilliant response, exactly the criticism I was looking for!
Just out of interest, in what way is Erestor better compared to Arwen?

Erestor has more Attacks, higher Defence, more Fate, causes Terror and gets re-rolls on failed To Wound rolls (with thrown knives or in close combat). In short, he's quite a bit nastier up close than Arwen is (who is more support-based)

Give Elrond armour and maybe even a horse with those last few points

I also think Arwen is horseworthy.

I'm a Rivendell player myself, and I do believe Erestor is an all round good hero. I'd swap him in for Arwen, she probably wouldn't last as long as Erestor. It's a good balanced force too, and if you decide to keep Arwen, she'll be good with her offensive spells and those archers. Give Elrond some armour too, it all helps save him in battle as he's awesome (don't forget he's got his free fate re-roll as well, he's a good lasting hero )

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I would say keep the bows on the warriors, but not sure on them on the twins, I have always found them to not be worth it (bows on characters, not the twins as I have never played them as their models are so expensive).
Never had a real problem with high elf numbers, the heroes tend to help, as do the bows on the warriors, especially against the likes of Hunter orcs, though I would say target selection is needed, so generally go for the less armoured warriors, but if the likes of banner bearers or shaman like models present themselves, take it.
I would give the banner bearer a shield rather then an elven blade to keep him alive more.
Elven cloaks, I'm not sold on, never really taken that much damage from ranged fire on my heroes due to their high defense, plus just having your hero behind a warrior until you get close enough for combat.
I'd be very tempted to drop the elven cloaks off the twins and then replace Arwen with Erestor whilst giving Elrond armour, maybe then swapping a couple of spear elves for ones with blades elves and giving the Twins horses?
I would say palace guard are not worth it really.
I would be tempted to drop Elrond however and take Glonfindal in the armour of Gondolin, yes he does not have the magic, but he does have Fight 7, which with the likes of Azog running around would be usefull to have, plus he would automatically beat the likes of cave drakes, trolls ect in combat and be resistant to magic so able to shrug off ringwraiths for longer. I'd then drop the horses and bows of the twins and have an allied Galhadrim stormcaller for the natures wrath.

I couldn't have asked for a better answer, thanks a lot!

Using your help, I've altered my army list. Where would I fit in my Galadrhim Stormcaller with Natures Wrath? Also help on the total points would be awesome.

Warband 1 12/12 -Glorfindel’s Guard
Glorfindel (Amour of Gondolin)
3 High Elves with Elven Blades
9 High Elves with Shields and Spears
Warband 1 Total: ???

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Warband 2 12/12 –The Twins
Elladan (Heavy Armor)
Elrohir (Heavy Armor)
1 High Elf with Shield and Banner
4 High Elves with Elven Blades
6 High Elf with Shields and Spears
Warband 2 Total: ???

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Warband 3 12/12 –Erestor’s guard
Erestor
12 High Elves with Elven Bows
Warband 3 Total: ???

Grand Total: ???

I believe the listed army total is 781

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You've gone from having 2 natures wraths to having none. tut tut

Thanks all. I am aware I have lost Nature's wrath which is why I am trying to fit in the Galadrhim Stormcaller, where should I put him?

Just have him on his own, may be a bit risky in missions with randomized deployment, but using terrain and such should keep him safe, plus between the Twins and Glonfindal if you really need it heroic march could get them close to him.

Brilliant, thanks!