As a player, I'm a great fan on gnomes... particularly as wizards. Con bonus, Small size (harder to hit), many other benefits - what's not to like?
As a DM, gnomes are a prominent race in my 20-year homebrew. Halflings are absolutely marginalised; restricted to a small nomadic population in a tropical desert region. Gnomes, on the other hand, fill the role of the "small folk". They are arcane technocrats. Similar to Dragonlance, they have a fascination with building steam-powered gadgets but with a few key differences: their machines are designed to serve useful purposes, they run solely on steam and/or arcane magic, and they *work*.
As a D&D consumer, I'll also add my perspective that... love them or hate them... it's disappointing that gnomes are so under-represented in the D&D minis line. There are twice as many warforged (1x titan, 1x scout, 6x regular) than gnomes in the DDM line. There are three times as many halflings. When you have more types of troglodytes (!!!) than *one of the core PC races since 1st edition*... well, it's just poor form.
Admittedly, you can use many halfling miniatures to represent gnomes (although there are few halfling bards, wizards, artificers, or anything else that distinguishs gnomish racial identity). But I honestly don't see why WotC can't just cut out a few halfling figures and add a few more gnomes. Or better yet, cut some of the 60 different flavors of kobold. No gnomes for the last 3-4 sets, and we get a kobold monk in the next set to go with the five or so kobolds in the last one. Wonderful. :\