There are elixirs in Diablo III, but little is known about them.
Strength and Dexterity are the only elixirs yet seen. As of Blizzcon 2008, these provided a temporary, 300 second bonus to that one attribute.
It's not known if there will be Vitality and/or Willpower elixirs, or other elixirs that boost multiple stats. It's not known if there will be quality levels of elixirs that would provide a longer or larger (or both) buff.