Well the term "logic element" is a bit fuzzy and truly is defined by the architecture. But specifically according to page 2-2 of the Cyclone II datasheet:
http://www.altera.com/literature/hb/cyc2/cyc2_cii51002.pdf a LE consists of:
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- A four-input look-up table (LUT), which is a function generator that
can implement any function of four variables
- A programmable register
- A carry chain connection
- A register chain connection
- The ability to drive all types of interconnects: local, row, column,
register chain, and direct link interconnects
- Support for register packing
- Support for register feedback
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Jake