I see no reason to doubt that his elbow is hurt. As I said before he seems to be playing much better on an extra days rest, which makes sense given the type of injury it is supposed to be...
Hollinger had this to say (insider):
Witness: Games 2, 4 and 5 came with just one day of rest; in those three, he shot 0-for-13 on 3s and 17-for-47 overall. Games 1 and 3, on the other hand, had an extra day of rest beforehand, which seemed to allow his elbow to feel much better: In those two contests, he was a one-man wrecking crew, making 26 of 46 shots from the floor and scoring 73 points. Needless to say, those were the two Cleveland wins in this series.
What it all means for the Cavs is rather worrisome because Thursday's must-win Game 6 (8 p.m. ET, ESPN) comes on one day's rest again. The silver lining is that Cleveland would have two days off before Game 7, which means it probably would have something closer to a 100 percent LeBron for a potential rubber match. Unfortunately, the Cavs won't get past Game 6 unless James either attacks the basket with much more conviction or finds a way to sink a few jumpers despite the balky elbow.
I absolutely agree with that. This kind of injury inflamed type thing requires rest. Probably takes a day to get it down from a game, and then a day to get it ready for a game. When Lebron has that extra day he can play at full strength. When not it cascades (so the more games he plays without two days off, the worse it gets.) Things like traveling by plane, really can effect it too. For the C's game 6 is the best shot (not the last), but the best to get by Lebron.
Lebron has made two mistake:
1. Shooting the free throw lefty - just take a bad shot and miss and keep it off the radar. A hockey player could have his left arm amputated in the playoffs and the official diagnosis would be "upper body injury - questionable". By publicizing the injury he opened the door for the C's to take advantage and for it to be a nagging question.
2. It seems like its effecting his game beyond the physical issue. He wants to be Magic or Jordan, then he needs to forget about it, figure out what works, and do that. With his passing, rebounding, and defense, he should be able to effect the game anyways.
As for a torn ligament - not sure about that - if that's actually true then Game 3 is probably the single greatest playoff game performance ever, regardless of the series outcome.