I'd rather have two other races.
Ideally, I'd like to see two of the following:
Draconians (baaz, probably), catfolk, drow, intelligent undead (Magic the Gathering zombie style, perhaps), lizardfolk, minotaurs, full-blooded orcs, ratfolk (nezumi or otherwise; Burmecia ftw!), warforged, or a generic 'mascot' race - but that last would probably be too complex.
Or giff. Giff make everything better. If it weren't necessary to retain other races to contrast with their essentially giff-ness, I'd say they were the ONLY race needed in the PHB.