Harry knew, a log time ago, that he would never die.
The sad and lonely life Bilbo Baggins has after the fall of the last heirs of Durin lead the valar to pity. What would their lives be like if they could do it all again? And if they play a few games as they travel, well, it's all in good fun.
My own take on Harry as an Elf. Read as he journeys across middle Earth, meets new people, and influences lives.