Essentially, this issue played out logically. We get an expansion on the character's history, which gives Frank the chance to tell the audience he knows he's outclassed. This is cemented with a flashback to a more recent training excercise, where Elektra pretty much demonstrates she could kill him without having to try.
Cutting back to the present, Elektra helps Frank up, and is willing to help him take down Ross, when he attacks. This doesn't last long (because Elektra's awesome and Frank knows it), and we are at an impasse because neither truly wants to kill the other. Frank returns an item of emotional significance, signaling the end of their conflict and their relationship.
A surprise! Frank does taunt Elektra with her brother's death, like a poster speculated after last issue. However, any subtlety and nuance that Way (I know) and Soule suggested goes out the window when Elektra reveals she paused when she did all those months ago so that Frank would do what he did. I don't like this, because if Elektra wanted him dead she would have done it herself. But, especially with her martial superiority, they couldn't have her get mad because she would have killed Frank, giving us a jarringly abrupt end to the book!
Anyway, outside of that one thing, I think Elektra was handled well. I would have preferred Frank accept her offer of assistance in taking down Ross (she's already stabbed him in the neck, and Frank probably is aware of this), but we all know Frank is too stubborn.
Oh yeah, Hawkeye finds out that these folks are the new Tbolts, and have been killing. Two issues to go people!