I think this could be good, but it does raise some concerns.
* I'd be concerned about DMs trying to incorporate EVERY race into their game. The old "if humans are so common, how come we don't see any" thingie. (I'd use 'phenomina' but I can't spell it).
* Roll playing tips were given on each race. There's no point in having this many races if the player is going to be an "oddball" example. That pretty much leads the way to simplistic powergaming, the Dark Side of the Force, and the apocolypse. Trust me.
* With roughly 60 races, it looks like a lot of mechanics. I mean, three pages per race with each one having an illustration and you could walk away with your job done. That's not a big problem in and of itself, but I'd really want to see this stuff playtested. The point of flavor text is to bring out the subtle differences mechanics can't provide. If this is going to be a mechanics heavy bood (and bear in mind I haven't read the thing, so I don't know) then I'm going to be less tolerant of loopholes in the rules.
* Also, a +2 STR isn't worth a INT and CHA penalty, darn it! Granted this has little to do with the book, but there's no point in ranting if I can't wander off on a somewhat irrelevant tangent.
-BG