It's changed significantly in the last 3 years - they've de-linked the attribute modifiers from race/"ancestry" (~ species) because some find them offensive. While I can understand that very minority PoV, it does make the race/ancestry almost totally mechanically meaningless.
The lack of restrictions on classes by race/ancestry (since D&D 3.0) had very much reduced the impact already, as did the multiclassing rules for 3.x... but taking away the link to different races/ancestries -- which I've always assumed races in D&D were species level differences -- renders the races almost negligible in the mechanics.
If people want to play that way, fine. But it doesn't change that Race in AD&D had significant mechanical impact, and in BX/BECMI/Cyclopedia, even more so (as they were separate tweaked classes).