I'd much rather see actual racial levels instead of LA, like those presented in 3.almost5's Savage Species. LA was like "Hey! I'm going to start out as this great, powerful race that's better than all of you at 1st level, but I have to let my XP sit on it's butt until you all catch up to me. If you survive, that is, which I have a much better chance at, because I'm more awesomer at 1st level."
Give starting racial benefits on par with the existing races, then have a racial class the character can opt to take levels from if they want to gain additional benefits of the race. Or must take levels in. Or have to take levels in at specific class levels, like a substitution level ("Your character is level 5 now, so you need to take the level of minotaur that makes you Large.") Whatever. Just, please, no Level Adjustments.
For 5E, this opens up some interesting possibilities, too. Like "subclasses" of a racial class. If a minotaur turns out to be worth a 5 level racial class, maybe at 3rd level, you choose "Maze Runner" or "Buffalo Soldier" as an option which highlights specific sub-race or cultural differences of your race.