A lot of people have responded to this very diplomatically, but I’m afraid to put it bluntly, Elegance sounds like a stripper name. Of course elegance is a wonderful quality or virtue for a person to have, but as a name, it seems too much like layering the quality on from the outside, which is kind of the antithesis of elegance.
Of course, it’s entirely feasible that many people considered the original virtue names such as [name]Faith[/name] and [name]Prudence[/name] the same way, thinking it was kind of tacky (or whatever the 17th century term for tacky was) to call your child [name]Prudence[/name] when really you should just teach them to be prudent.
I also have to say I’m not crazy about what seems to be the trend for choosing an unusual name like Elegance and then watering it down to a ubiquitous nickname like [name]Ellie[/name]. If you want to go unusual, then stand behind your choice! [name]Ellie[/name] is an adorable name but the world is now officially saturated with Ellies, short for [name]Eleanor[/name], [name]Ella[/name], [name]Elena[/name], [name]Eliora[/name], and yes, even probably Elegance.