Probably somewhere in the middle :P Really, elitists expecting perfection in all content are extremely rare. They're around, but rare. People do expect something higher than 300 dps though.
Most "elitists" are aware that things like mechanics, ilvl, different jobs, etc, can all have a significant effect on dps. So very few people will expect 1200+ in dungeons/primals. But really regardless of ilvl, job, mechanics, skill, or whatever, people should be able to pull about 600-700 dps on a boss. I think that would be closer to the expectation than perfection would.