I guess the main drawback of ELMAH is that it might be overkill for what you need. If it's logging and storing more info than you would in your own implementation, that's an unnecessary overhead in storage and processing. You also need to think about how you secure access to ELMAH's console since those exception details could contain juicy details of your app (that needn't be hard, but it's a worry that you didn't have before).
On the other hand, your own implementation will probably grow to log all that extra information once you decide that some stubborn bug requires it, and do you really care about shaving fractions of a second off the time that it takes for the error page to be displayed? Chances are you'll eventually end up building your own version of ELMAH, so why not just use ELMAH and save yourself the time.
I'd recommend that if you do want to write your own error logging rather than using ELMAH, you at least put it in a module rather than straight into Application_Error in global.asax. Just subscribe to the application's Error event in your module's Init method, and you can easily reuse your error handling code in another application with a line in web.config.
I also find it useful to handle any exception logging through ASP.NET's health monitoring. This makes it easy to control the type and level of logging in web.config, and also allows logging of exceptions that were handled in a try...catch without getting as far as Application_Error. Create a custom HandledExceptionEvent class that extends WebRequestErrorEvent, and you can create and raise those events in any catch block where you'd really like to know that the exception happened even though it was handled.