But look also at the scene in which the hobbits wonder if the elven-cloaks from Lothlorien are magical, and the elves think it odd to ask this, replying that the cloaks are simply well made. This implies that elves used the same physical processes, like weaving, that humans would use--thus, that elves DO operate within the material realm of cause and effect.
So, either it WAS fun crushing your tents under the weight of a giant baby, or it IS fun watching you float away because gravity doesn't anchor you.