I have an elliptical and I get one heck of a great workout on it. My heart rate soars and the evidence of my hard work is left behind in a puddle of sweat.
As far as settings go, that's something you'll have to play around with. Sometimes I like to crank up the resistance, and other times I go for speed. Either way, I always get a great workout. My machine has a variety of built-in programs to choose from as well as a manual setting. My elliptical doesn't have the movable handlebars, which is just as well because I think you get a better workout without them by focusing on the larger muscle groups.
You might want to try audio workouts like Cardio Coach, or the iClimb workouts by iTrain. They might help you to focus and give you a better, more efficient workout.