Does the OP mean oval or elliptical? These are different shapes.
I'm more of a water systems guy, so I don't have a lot of road design experience and none when it comes to roundabouts. However, I think elliptical would be a bad idea because drivers seem to handle circular horizontal curves better than varying curves. That's probably why spiral curves for highway ramps have fallen out of favor here. I suspect an oval would be less of a problem for car control. I doubt either shape makes sense for traffic control.
BTW, there are a handful of residential neighborhoods in my city that have oval roundabouts. Basically they are long, fairly wide, landscaped medians that allow the main local street to pass through the neighborhood (one way each side), but block the several side streets from crossing the main street. In another case, the oval was so wideand long that it actually functioned as a park. The local residents petitioned the city to change the one-way traffic lanes on the main road to two-way traffic and eliminate curb parking to gain the necessary width.
==========
"Is it the only lesson of history that mankind is unteachable?"
--Winston S. Churchill