I'll agree that there are many factors to consider when trying to determine a species decline. There may be more to consider, than just the predation by the wolves. In fact studies show that the pressure wolves are creating for elk, is causing starvation and low reproductive rates.
I would say that data does point to wolves having a direct affect on the decline of elk populations in geographic areas were wolves are on the increase. Look at states that have so far escaped the wolves, the elk are doing just fine. But it won't last long, it appears that wolves are every bit as prolific as coyotes.
Did you read the above linked article that Bitmasher posted? It was quite the experiment and should be an eye opener for all who defend wolves.
I agree that elk numbers are (or in certain cases were) high in some areas, but I'm not willing to see them get wiped out by wolves.