I've been using both the elegant and the regular poleaxe and if there's anything to be said about them it's that they are very different weapons.
The Elegant is shorter, better in tight formations and makes you more agile overall, while the regular is longer, heavier and hits harder. The difference is substantial, trying to use one as the other doesn't really work as the elegant doesn't have the length to compete with the greatswords while the regular lacks speed, making the use of it's length and damage crucial.
Now, having said that I personally think that a slight increase of the elegant's stab damage could be justified. But not too much since a 30 p Elegant would be like an awlpike/spear with sideswings and until polestun is removed that would be silly op.