He waged war against Sauron for many years but then retired, he now does absolutely nothing to help anyone despite his insistance that he is the leader of the Good Guys. He does, however, hold the position of Chairman of the White Council, a rascist organization who want to bring Sauron down.
Elrond forms the Fellowship of the Ring to destroy Saurons bling, just to spite him. By pure fluke this turns out to be the key to beating him, and Elrond claims to have known that the whole time. Elrond is also the lead singer of a band known as the Elf King and the Erlkonigs.