Elves for now. Sure, dwarves are just as bad for the same/opposite reasons, but dwarves are less nebulous and varied in concept when it comes the folklore that they come from.
And, when it comes time, I'm going to vote for whichever race is pitted against humans.
Yes, what with the Grey Dwarves, Moon Dwarves, Mist Dwarves, Valley Dwarves, Dark Dwarves, High Dwarves, Sea Dwarves, Wild Dwarves, Wood Dwarves, Sun Dwarves...
And let's not forget the half-dwarves.
Dwarf players just go crazy about subraces. It's all about the subtle nuance of the dwarf.