On the political use, see here: http://en.wikipedia.org/wiki/Liberal_elite

I bring up the political connotations because I don't think Less Wrong is particularly snobbish or exclusionary, and I think there are more flattering reasons why someone might choose to label themselves as "elitist".

Personally, I think the word "elitist" is too politically charged and emotionally laden to be of much use. There are a few different questions that the word lumps in together, I outline them below and my opinion of them.

Question 1. Should this site be hostile towards new members? (No)

Question 2. Should this site praise intelligence and rationality? (Yes)

Question 3. What privileges should those regarded as particularly rational receive? (No formal privileges)

Question 4. How concerned should we be with trying to preserve the current culture? (Somewhat, but not to the extent of making people feel small)