The problem with the Elise is that it is an ultralight. The car works because it has a very light and stiff body for its power, which makes it feel horrendously fast and lively for its price. This means that in order to make a hybrid configuration work, it would have to be no more than 5-10% heavier than the current power package, and it can't change things like the center of gravity and its polar moment of inertia.

If you change the center of gravity, it will change the handling immediately, and the car's main appeal is the particular way in which it handles (basically like the go-kart from hell).

If you change the polar moment of inertia, it also changes the handling. Think of two cars with similar performance, except one has all of its weight close to the center, and one that has its weight concentrated at the front and rear. Both have the same center of gravity. The car with all of the weight close to the center of gravity will take turns really quick, this is your proverbial car that can turn on a dime. If the weight is concentrated at the ends, then the car is going to be a lazy turner, it will take a lot more to make it turn as hard.

As for practicality, it is a sports car, sports cars are supposed to be for the fun, not to haul crap around. I have owned three Mazda Miata roadsters so far, and the one that sucked, the 1999, was the one that had the most creature comforts. The 1991 was pretty barebones and was a fantastic ride, lots of fun without even speeding. The third one was a 1993 Limited Edition, which was a prototype for what later became the track kit suspension option, it was very uncomfortable, but it was very light and nimble and a blast to drive even on a really crappy commute.

If Lotus can keep the Elise on a diet, and the engine performance doesn't suffer much, then this is pretty much a win for them. Worst case scenario, they get some press as an ecologically sensitive car maker. If instead they are doing this by dumping a few hundred pounds of batteries in the car, they are going to screw it up.

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