I'm at Level 40, and I ran into my first Elder Dragon. Went at it a bit (I was using Destruction magic - trying to train it up), he was at low health, I was at low health, he landed, I tried to access the menu to use healing potion, but right before I did, he reached out, grabbed me with his mouth, and threw me about 100 feet into the air (this was in the courtyard of the College at Winterhold). Pretty cool. Loaded the autosave from when I arrived there, grabbed my Legendary Daedric Bow with +20 fire damage, put on Krosis (+20% archery) and all my other archery enchanted apparel, and claimed his soul.

Love this game.