Of actual mechanical crunch, I'd want: 1 major racial ability, 2-3 moderate racial abilities, and 2-3 ribbon abilities. The major racial ability would be the big thing that stands them out from everyone else, making them distinct from the others and defining why people likely play them. The moderate ones would be important, but overlap with other races (e.g. darkvision). Ribbon abilities are really nice to help detail and define little aspects about them without having to be a big mechanical benefit. Overall races should be balanced against each other, but not against class specific situtations (making elves better wizards than dwarves is fine, so long as dwarves are better fighters too).