I think people underestimate the suckiness that is -2 con. I've played elves, and often times I find myself wishing for those extra hitpoints. And Elven Wizards? Man, if you sneeze in the same *room* they fall over.
So, while +2 strength and Dex is good, that -2 con still hurts, and -2 int is really sucky for rangers who need every skillpoint they can scrounge up. I'm playing a human, which gives me 2 skillpoints more than an equivalent wood elf, and I'm still having to spread my skillpoints a little thin.
I'm surprised no one has mentioned Wild Elves, they get +2 dex and -2 int... far better than normal elves, 1 skillpoint per level is a lot better to lose than one hitpoint. Everyone needs con, not everyone needs int.
-The Souljourner