I feel the ‘Excellent’ tier (below Feated Human and above Wood Elf) is the ideal amount of power that all 5e player races should strive for.
Similar to the philosophy of 4e, the ‘Excellent’ tier allows a potent signature trait that vividly distinguishes it from other races. The Mountain Dwarf has two +2 scores, the Eladrin Elf has Misty Step per rest, and so on.
The Wood Elf is Good, but its ‘Mask of the Wild’ is problematic and fixing it into something clearer and more useful would probably bump the class up into the Excellent category. Giving High Elf +2 Dex and +2 Int would probably boost it into Excellent.
I am comfortable with the Feated Human being ‘Beyond’. One reason is plot protection, to ensure Humans are a prevailing choice for most settings. An other reason is, it is hard to design mechanics for a Human that is both mechanically appealing and feels right with regard to flavor.
Flying races probably work better if the flight becomes available at higher levels. While low level offers limited flight, such as winged leaps or glides. This would knock them from ‘Beyond’ into ‘Excellent’.