Just to add my 2 cp on the races issue... I haven't had an issue with balance in any of my games, although I'll admit they aren't non-human heavy. The biggest thing I like about it is no ECL increase... I really don't like having PC races with an ECL more than 0, so it was nice to see drow, deep gnomes, etc with a +0 ECL.
Also, I'm a BIG fan of having one pantheon of gods that cover all races... Sure, the different races have different names, but the gods behind the names are all the same. Somehow feels more "right" to me.
That being said, I love the Kalamar setting. I was one of the ones who got the campaign guide pretty quick when it came out... found it a hard read and shelved it for a while... then the 3.0 Player's Guide came out.. and I fell in love with the setting. Going back and looking at the Campaign Guide now I see it as amazing and full of GREAT info. It is just not a style that you can sit down and read cover to cover.
I'm not a big fan of the pulp or "over the top magic" style, so I like Kalamar for what it is... a solid base setting I can do what I want with. I am also VERY happy to have a setting that the creators have no plan to advance the timeline of the setting. That means earth shattering events shoudl never overcome my campaign unless I choose them to.
I hope you give Kalamar a chance!