You can use the side panel or "<strong>Increase Subdivision Level</strong>" and "<strong>Decrease Subdivision Level</strong>" actions to control the number of sides ellipse has:
You can use side panel or "<strong>Increase Corners Bevel</strong>" and "<strong>Decrease Corners Bevel</strong>" actions to bevel the ellipse: <br>
<imgsrc="draw_ellipse2.jpg"/>
<br>
When using "<strong>Increase/Decrease Corners Bevel</strong>" adtions, the bevel increment is based on the current grid size.</p>