I think that Races should have significant mechanical impact...or none. Either make it entirely flavor/role play related, or do it in a mechanically interesting way that has significant impact on play. I'm tired of the whishy-whashy in between we've gotten with race in the past couple of editions. That's why I'm not opposed to some form as race as class, because, IMO, classes are strong fantasy archetypes, not professions. With the high amount of class customization of post D20 D&D, you could do a lot to differentiate your dwarf from another; plus the different rules for building npc can make tribes and npcs of that race fill in certain roles in a better world-building fashion.
One thing that concerns me is that they appear to be going back to +x to a stat and -x to another stat. This seems to be a lazy way to differentiate the races, it that is all that is done. 4e seemed to be on the right track with adding some nice racial abilities beyond the stat boosts. I was actually hoping they might get rid of the stat modifiers in favor of more interesting abilities and drawbacks, but I could live with them if they gave us more.