If you put the resistance up (8-10) and the incline down to between 1 and 3 while keeping your turnover high (190 -220 rpms) I think elliptical miles can be pretty comparable to running miles, cardiovascular-wise. If you want to work as many of your running muscles as possible, don't stick out your butt! Try to keep your hips tucked just like you do when you are running, and keep your core stable (no waggling your hips back and forth). Really extend your leg backward, like you would while running.
If you know how to use an elliptical correctly, you can come back to running in even better shape than before - you can handle more intensity and total time on the elliptical, so your options for crazy workouts are almost endless.
The numbers I gave you above are based off of this elliptical:
http://www.simplyfitnessgear.com/images/precorelliptical.jpg
If you use a different kind/brand, the resistance may be calibrated differently, so you'll have to figure that one out on your own.
As far as a straight up conversion, it is difficult to say. Your heart doesn't know the difference between running and working out on the elliptical, but your muscles do. If your heart rate is 140 at 7:00 pace, a 140 heart rate on the elliptical should be counted as 7:00 pace if you are primarily focusing on aerobic development. If you are interested in stressing your muscles in the same way as when you are running, you will have a very difficult time without eliciting the same level of eccentric contraction (with little to no impact, your muscles don't need to contract eccentrically as much.) In this respect, time spent on the elliptical is not at all congruent to time spent running, but then again, no alternative training exercise is.
To make up for this a little, you can do exercises like leg presses and hamstring curls after you finish using the elliptical. At high rep weight, these exercises cause significant eccentric contraction of your muscles, so you won't lose as much strength as you would doing the elliptical alone. Instead of just focusing on lifting the weight, focus on a controlled lowering of it.
With a combination of elliptical and lifting, you will return to running very easily.