Just for laughs, I've been "Ray Winningering" up a setting that's specifically designed around the premise that magic doesn't exist at all and in its place we have psionics. Since that changes the feel so significantly, I decided that the standard elves, dwarves, halflings, etc. racial array doesn't feel right either.
This is such a tired idea that it's about as original and fresh as reinventing Tucker's Kobolds for the umpteenth time (heck, they got a
boxed set. Get over it people!). It gets done in homebrews again and again and again and again, and has been ever since 2E brought in that broken psionics rulebook.
As for replacing races, well that's a part of every homebrewer's pallette. The nice thing about the default races is that they give a strong set of tropes to fall back on, and something to depart from, so that folks like you think you're being original...and that's what the implied setting's for.
I'm not surprised in the least that you're in this camp, and it explains everything you've said in this thread. You're one of many who are jaded with certain aspects of D&D. Magic isn't magical enough for you, so you bring in psionics. Sort of speaks for itself really - I've long discarded the idea that what you're describing is in any way novel, but it never ceases to amaze me how it continues to hold such a huge appeal to so many, when it seems just so banal to me.
I think the true way to invigorate D&D is at the level of the campaign arc and adventure, but it's typical for DMs to focus on a macro-level worldbuilding perspective, tinkering with races and magic systems. Because there's only a certain amount of focus and effort a person can spend, I theorise that the adventure and campaign arc automatically suffers from such a focus. I'll be interested to see if 4E caters specifically for your interests, because they seem to be pervasive (not necessarily a good thing IMO, I think people run worse games because of it).