| Finoan |
It appears to be intended that it is an elemental of the same type as the familiar. So a Fire elemental familiar would be summoning a Fire Elemental, for example.
From the RAI line:
Fearsome Familiar wrote:
Your elemental familiar trades places with an elemental from its elemental plane.
However, the ability doesn't make any further restrictions on which elemental types it can summon.
And you don't even have to have an Elemental Familiar in order to take the feat. Just any generic animal familiar would meet the prerequisites. But may not be able to actually use the feat.
All of that feels like an errata candidate.