My preferred way of doing things, would be that every race has several racial bonuses you can get but you can only pick one or two of them.
For example...
Elf:
+1 dexterity
+1 speed
Low-light vision
Choose one from the following:
[A] Arcane Talent
Heightened Agility
[C] Nature Talent
OR
Dwarf
+1 constitution
-1 speed
You do not get a speed penalty for wearing heavy armor.
Low-light vision
Choose one from the following:
[A] Stone Sense
Giant Killer
[C] Weapon Talent
This is the vaguest of examples, but that is a way of solving identity issues some races have.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.