Excellent topic, Doulos.
I believe that the ELW is best understood based on its differences in four key areas:
- Changes in the selection of hymns
- Changes to the text of hymns
- Additional settings of the liturgy, including new liturgies
- Reorganization including the release of new resources
Somewhere I have a link to the list of hymns present in WOV/LBW that were not included in ELW. Other than the notable and politically motivated removal of "Onward, Christian Soldiers" and one other hymns of militaristic metaphor the name of which escapes me at the moment, most of what's missing is hymns that were never popular. Many of the 15th and 16th century chorales that were added to LBW in an attempt at a renaissance of this sort of singing were taken back out, and some of the more ephemeral pieces of new hymnody from WOV are missing.
New material is a combination of ecumenically significant hymns common in other faith traditions, newer Lutheran hymns, multicultural material, and some of the more popular pianistic "praise chorus" type stuff.
The textual changes are generally mild compared to what has happened to most other denominational hymnals. There has been a concerted effort to excise any military metaphors, c.f. "Lift High the Cross" among others. The changes towards gender neutrality are mild.
Some of the new settings are worthwhile, some not. Setting ten sets the familiar texts of the liturgy to common hymn tunes and is intended to cover the situation where only a (e.g.) Methodist organist is available. The pairings are, in my opinion, just awful, and ruin the tunes for other uses as well as making a mockery of the liturgy. Sadly, many congregations actually like this setting. There are two new organistic settings, setting one by Mummert, Pavlechko, and Farlee; and setting nine. Both of these are solid updates to the somewhat dated harmony of the familiar LBW setting two.
The new companion resources are a mixed bag. The accompaniment edition of the ELW is a disappointment, with fine print and an awkward size and layout. Recent printings have split this into two volumes which helps only slightly. There are alternate accompaniments for both piano and organ in development. Four of each have been published. Though expensive, these are helpful for any keyboard musician who likes to vary introductions and accompaniments. The alternate accompaniments are all newly composed by a broad range of the usual ELCA composers.
For the congregational hymnal that is the core of the series, ELW is a huge improvement. The LBW/WOV combination was stale and juggling the two books a distraction. With the exceptions I've noted, the hymns that were dropped will not be missed, and a good deal of the new material is helpful.