Heh, it sounds like things are leaning away from my position, and that's okay.
My position was that they still needed to rest for 8 hours because that's how caster classes have operated in 3.0 and 3.5 (where the elan were originally defined).
From the 3.5 handbook, elves who also only needed to meditate 4 hours a night (with basically identical wording) were identified in the preparing spells section as still needing to rest a full 8 hours before they could prepare spells/pray.
That wording was removed in pathfinder because elves in pathfinder do sleep, so the precedent isn't expressly present anymore.
In 3.5, it would have been easy to say that Elans, who have the same wording as elves when it comes to rest periods, still had to rest 8 hours to regain power points. The question I suppose comes down to "Did elans get a silent buff (it's not listed as a race feature after all) in the Pathfinder conversion?" for that purpose.
Alternate comments that my interpretation of the rules in 3.5 is wrong are also acceptable though I'd like to know why.
I'd also like to point out that the rules for gaining power points expressly say "If the character does not need to sleep for some reason, he still must have 8 hours of restful calm before regaining power points." which is consistent with the wording in 3.5 for spellcasters (that made elves with their short sleep still have to take 8 hours).