but it is worth noting (in passing) that 'Race' isn't a particularly PC term in any case.
Yes. I agree with this. I suspect it may have been a natural choice for Gygax given the material in Appendix N but "race" does take on unhealthy association once you get back to Lovecraft and Howard.
Trouble is, what would be better?
The one thing I would definitely do is drop the Elf/Eladrin split. Given that even 4e felt the need to have "elven subraces", I don't think baking that one into the rules is really justified. And having "Elf, Eladrin, Half-elf" as three of the eight core races was really not justified.
Of course, if space permits, it would be no bad thing to be able to fit in the Assassin, Monk, Barbarian, Sorcerer, Warlord and Warlock as well - why not cover all the bases by including every class that has ever been 'core'? (Unfortunately, space won't permit, especially if they take the step of moving to a single Core Rulebook. Which would be wise, IMO.)
I would like to see 5E retain the eladrin. I always justified it not as an elf split, but as a clarification on the celestial race of eladrin, by creating a base that the ghaeles and firres and whatnot could then be built up from. In other words, I saw the eladrin as a counterpart to the tiefling, a cousin to the aasimar, a fey equivalent of the genasi, a celestial footsoldier on the level of the dretch and lemure.
I think space can permit, but it sort of depends on how they do it. 4E saw class write-ups become extremely space-intensive. If the goal of 5E is to make classes modular, step one will be making a simplified base for each class, meaning less page count per class.
Quit being cheap and just pay for the licensing rights]
(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.