Well the Shadowmeld tooltip no longers states it increases a Night Elf's stealth level, because it doesn't. This led me to believe that Night Elves lost their increased stealth racial. (I was wrong)
What Blizz has done is they've taken the increased stealth out of the shadowmeld racial and given it a new Night Elf racial name Elusiveness.
Reduces the chance enemies have to detect you while Shadowmelded or Stealthed.
This is a passive effect that works anytime you are stealthed, prowled or shadowmelded.
As before it gives you +5 stealth levels (that's 1 character level) of stealth and this change was introduced in 3.0.2
(so pretty much nothing has changed)