I'd rather this have larger stats on both faces and increase the cost to transform so it's less dependent on getting the combat damage trigger to be good. Say 3/2 and ?

Sure, let's mark it for later change when balancing. Wanted the stats to reflect the Mana costs. 4 Mana for 4/4 on 3 bodies is quite good already, no?

Flavour point; Doesnt feel like a conjurer would transform when it deals damage.

True, name's probably change later if we got a picture for it. To me it's always much more important that the picture fits the card and THEN gets an appropriate name, not the other way round. Would hate for cards to change so they fit a name better, which is a weird way of designing cards in my opinion.

With 1/1 green tokens already being Insects these Elementals seem out of place. That said more Elemenental tokens might be nice to have for variety in mid-range and large sizes.

It doesn't sit well with me that this doesn't actually grow itself into anything. The "ascension" is just the creation of other creatures and gaining a keyword that in theory is not particularly rare.

Flavor point: A druid very well could ascend into an Elemental and I like the idea that this kind of transformation (as seen on Sun Seer) is a feature of the plane.