Well, I want to add something to the
LR strategy... it seems good that someone tries to find an erratum for that card, but it's just OP. But by just banning it, Decipher made a big mistake: Elven now don't have any possesion removal anymore. I'm trying to build some competitive Elven Decks at the moment (Besides Elven Hunters) and I get regularly crushed by Grond, Corsairs etc. so a Gandalf Splash actually is nearly a must in an Elven Deck. But a Gandalf Splash makes the deck bigger and less copnsistent, which is also a problem...
So how about fixing it like that:
10R11 *Galadriel, Lady RedeemedIf you can Spot 2 Elves, Galadriel's Twilight cost is -3.
Fellowship: Discard an Elven Event from hand to discard a Shadow possesion.
Simple as that. Make her only playable in Decks with lots of Elves and make her just discard possesions. Also make her ability fellowship only so that you can't take advantage of the extra Cycling she provides during regroup.
That's what I think. Still a good card (many errata just make her really bad

and thus, unplayable) and solves the Possesion problem.
Those were my two cents. Amen.