Hiya!
"Got another idea?" is my vote.
I'd make bonuses be only +1, and I'd also add a balancing penalty of -1 to another (e.g., Elf, High INT +1, CON -1; Elf, Wood CON +1, CHA -1; Dwarf, Hill WIS +1, DEX -1, etc, etc, etc). It would be a single stat bonus, single stat penalty for the majority of the races. For the really 'extreme' ones, maybe two (e.g., Goliath, STR +1, CON +1, DEX -1, INT -1). By limiting to a +1 maximum it keeps the almost irresistible desire of a player to keep rolling (or use lots of points) to get that "18" and bump it to the fabled "20". With a max of 19, it keeps that desire a bit more in check. The penalty of -1, however, hurts; it keeps you from starting with an 18. This would help to support the idea that a certain race is 'known for...' various crafts, classes, etc (re: Goliaths make great Fighters, but typically poor Thieves...etc).
I think the game lost a lot of 'racial distinction' between the various choices when they just dropped the penalties and only handed out bonuses. Felt like Opera yelling out "You get a car! You get a car! And you get a car!"...basically, like it's 'cheating' or something; getting a bonus with no other consideration.
Then again, I'm an Old School guy so...yeah.
^_^
Paul L. Ming