Overall, I thin the PHBII is an excellent book, and a great addition to 4E. I do have to admit I am looking forward to #3 also, at least for he classes, if not for the races (as I cannot think of many good races to put in it)
As for races, most are well designed and have good flavor, though I wonder about the Longtooth Shifter's Encounter power. +2 to damage rolls and regeneration every encounter of every day seems like a lot of power for a racial ability. Most racial powers give you an advantage fore one round or a round-and-a-half each encounter. Even being a bit mroe situational, it seems like a lot.
Classes? Well, I like all of them, but I am not sure how they will play. It has been interesting that in the last three pages of this thread, every class has both been lauded and dumped on, which means they are probably all done very well indeed. There are a couple I'll never play, and a couple I'm really looking forward to playing, but that is just about the same as the PHBI.
As for rituals and the like, I like how the bard has been set up as the master of that particular area of magic. Free rituals is a big deal, and while their song ones are not spectacular, nothing stops them form getting any other ritual, and they have every ritual skill as a class skill. They can be very impressive, if the player wants to go that way, and with Arcane and Divine power coming out soon (both of which will probably have lots of rituals) they are set to shine.