I already have a small amount of High Elves that I have been using, and I am still relatively new to the game.
I would just like to to know which you think is better and for what reasons? They look pretty good and was considering building a Mirkwood army consisting of them, and if I did, what would be a good 500pt army list?
Thanks in advance!

I'd say high elves, whilst the palace guard are nice models bar the heads (look more like Uruk helms) rules wise they are about 3 more then a high elf with spear, sheild and the king's guard upgrade, which in most cases will be the same. A 500pts high elf army would look something like this:
Gilgalad
12 High elves, 2 with elven blade, 4 with elven bows
Erestor
12 High elves, 4 with elven blades, one with banner and shield, one with spear and shield, 6 with elven blade.
Not the most numerous, but the skill of the warriors should be a problem for most forces, and Gilgalad and Erestor can get kills up quickly.
Can Palace guard be taken with other wood elves? If so, it may change it.

Once you remove the extra fight thranduil rule and the gilgalid upgrade the only difference is the bodyguard rule and you gain this for 3points (whether its actually worth that or not). So do you want fearless elves who laugh in the face of courage tests or just warriors with high courage? I would say the High Elves are better value for money in the end but then again I am making a Mirkwood army myself haha

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It's fairly cut and dry IMO, assuming you value Bodyguard at 1 point (standard special rule cost for warriors), then Palace Guard are 2 points more expensive than they should be. This means that for every 5 Palace Guard you'll get 6 King's Guard High Elves with spear and Shield. Bodyguard's a handy rule (particularly going up against anything with Harbinger of Evil) but Courage 5 elves aren't going to get the most out of it and it's certainly not worth 3 points a model.

It's a shame as the Mirkwood Ranger and Hero element of the army is very tempting and nicely balanced so having some D6 spear support to go alongside them will be nice but those Thranduil's Hall armies are just going to be soooo low on numbers.

If you're playing for competitive effectiveness it's got to be the High Elves but that's not gonna stop me putting together a Mirkwood force with 20 Rangers and 10 Palace Guard for the look and fluff which is the most important thing for me.

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I've always loved the High Elves, and was looking forward to the new Mirkwood Elves, until I saw the palace guards, which, IMO, look a bit strange with their unusually shaped shields and helmets. Still high elves for me, but I've got a fair few conversions to do.

I myself wasn't too impressed with the models at first. But havin seen the movie and some of there action scenes, I have to say. I like them more now, they do look better in the movie.

I'm picking up a box for Christmas, and I think they will serve me well. D6 and in a wood elf army? Yes please, even if they are a little expensive.
I going to stop talking now, because I haven't had enough time to look at their profile extensively.

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Fight! Fight to the last man!

If this was to be our end then I would have them make SUCH AN END as to be worthy of remembrance

Action scenes? They come across as the lovechild of redshirts and stormtroopers..

Ok...probably not the right word. What I meant were more along the lines of seeing them in the film doing things, they looked decent on the big picture. At least for me they did...

And ya.....red shirts....

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Fight! Fight to the last man!

If this was to be our end then I would have them make SUCH AN END as to be worthy of remembrance