I want race to matter.
I want half-orc wizards whose inner ferocity is reflected in their spells.
I want a dwarf bard who can lead his companions with valorous deeds and hearty music, if not words.
I want a halfling fighter who wears chainmail and darts about the battlefield, short sword and shield in hand.
I want an elf barbarian, who rides a griffon into battle.
I'm in the same camp but would also include that I do not want to see any of the following:
- Pixie/Halfling fighters with strength stats even close your average orc adventurer
- Dwarves/Orcs with nimbleness close to that of any ElfHalling adventurer
As others mentioned, I'd like to see the same from your Dwarven Wizard. A mountain of endurance to cast spells with, but less gifted with all but earthy spells.
Lastly, racial benefits, such as 4e's feats or powers, should be race defining. You should be afraid when the Orc goes berserk (as a wizard or warrior) and you should be very afraid knowing there is a Elf skulking around that you can't see. In short, the racial powers/feats should be EXTREMELY powerful, lasting and being pronounced throughout all class levels, possibly as strong (or more?) than as any high-level class feature.