I came across a Heroes of Migth and Magic V elf screenshot on Cracked.com (finding any reference to Heroes on a general site is always a surprise), where they make fun of the blade song fighting style originally created for Dungeons and Dragons in order to customize further the elven characters:

Thus, some D&D writer invented Blade Song, a fighting style to really emphasize how effeminate elves actually are. Since the rest of the game design team was unable to come up with anything gayer (we're stumped too), it passed into canon. In various D&D settings, Blade Song is created by elves, "who have blended art, swordplay and arcane magic into a harmonious whole."

I always saw blade song as fighting with lots of pointless running around.