Great thread. I've been thinking about this for awhile too.
Man (human): as is. The bonus feat is great, and they get bonus skills too.
Dwarf: good as is. They seem to be one of the races given more to make players more interested in playing them instead of viewing them as a race for players who are dwarfophiles (usually they see the dwarf as a cleric or rogue and complain they should be designed in those directions).
Halfling: in D&D they're not so much hobbits as they are gypsies or something else lame. If designed as a hobbit, I would say some changes are in order (Kolja Liquette has a couple ideas I thought were good with giving them a wisdom bonus and not a dexterity one). Overall the D&D halfling is another race given allot too.
Half-orcs: once they introduced drow and tiefling and other + EL races as PC races, why would someone consider one as they are now. They're weak. I also like the way they were presented in 1e more. I give them +2 intimidate, to make up for the Cha penalty (I don't use STR for intimidate). I've been giving them in my games one exotic weapon feat, that'll give them a stronger weapon, so they become stronger warriors. It also gives them more choice then if given weapon familiarity (orc). Half-orc rogues don't seem the type to use a two-handed weapon.
Gnome: I just don't like D&D gnomes. When I allow them, I base them off other gnome and dwarf archtypes from stories and myths. Skinnier with gnarled features and they enjoy crafting and magic. Not a tinker gnome, but the tunnel vision tinkers have with technology, my gnomes enjoy with magic, crafting items, potions, spells.
+2 INT/-2 WIS, small sized,Low light vision, +1 DC to spells cast (too much?), racial attack bonuses: +1 vs. magical beasts, racial dodge bonus: +2 vs. magical beasts (known to hunt them), racial feat bonuses: EWP hooked hammer, racial skill bonuses: +2 Craft alchemy, Craft mundane, listen. Automatic language: Common, Gnome, Burrowing animals. Bonus languages: any common. I like imagining gnome wizards sending out gnome fighters to hunt down magical beasts, from some gnome outpost/enclave in the middle of nowhere.
Elves: need more. They were designed deceptively and designed with the thought that elfophiles don't need much "crunch" to want to play one. The CON penalty is rough! Merrick is right in saying they need more to make them better wizards (or sorceror, if you view elves use of magic being natural). +2 to spellcraft, +2 with ability score modifier when checking for bonus spell. I give a 10' radius with detecting secret and concealed doors. And my elves do need sleep, but are 'light sleepers' (4 hrs).
Half-elves: poor, poor half-elves. 3e ones suck hard. I'm 30, so the 2e loner ones no longer appeal to me. Back in the day. Teen Gen-Xer. Yeah! They were cool. I don't like 3e's traveling salesman version either. I'm starting to use them as a race that can relate to both elf and man, and in fact. They're used by elves to help understand men. Men view them as some sort of high-men. In a previous campaign, I gave them as follows: +2 CHA, low-light, light sleeper, elven blooded, +1 vs. Enchantments, +1 Diplomacy, Gather Information, Listen, Search, Spot.
I liked that direction but wasn't sure if the CHA bonus was too much. Without it, no one would touch one. Previously, I gave them men's racial skill bonus. But it's not enough. Better to just be an elf or man. They need something really crunch to make them stand out. I also don't used favored classes after learning it was purely a flavor rule.
I even tried previously giving all demi-humans the option to choose one skill that it gets a bonus with and double it.
Thoughts?