I sometimes end up wandering down dark lines of thought with this though - wondering what motivated the writers of early D&D to tread this path. They were writing in the early 1970s, at a time when the USA was just coming out of very harsh parts of the Civil Rights movement - less than a decade away from the end of segregation, and at a time when some of my kin were in 'resistance' (Wounded Knee II, and Alcatraz). And it almost feels like they wanted to 'keep the conflict going'.
I think being aware of the real world racism that has creeped into our favorite game from the very beginning is a good thing, and modifying your home game to try and remove those elements is worthwhile.
But don't be too harsh on Gygax, Arneson, and other early D&D authors. I highly doubt their intentions were racist, but that simply they were products of their own upbringing. I have many friends raised in conservative areas of the US, in conservative households, that do not consider themselves racist, have friends from other racial backgrounds (and religious, and gender orientation), but yet unknowingly harbor some incredibly racist ideas that they don't even understand are racist.
I had a friend use the term "n****-knocking" in front of a black co-worker, who then was astonished the black co-worker took offense and reported her to HR. "It's just a phrase, we use it all the time!" was her defense, and she in turn was highly offended that the black co-worker (as well as other friends) accused her of using racist, harassing speech. It's not the only example I can come up with.
Real-world mythology is chock-full of racist ideas, but that are so common to certain segments of society that it can be hard to see them as racist, and even to accept them as racist once pointed out. And in large part, D&D takes that real world mythological racism and incorporates it into the game.
I was totally cool with the whole drow thing for most of my life, fair elves cursed with dark skin for being evil, until much later as an adult it was pointed out to me and directly compared to the similar racist ideas some cultures have/had towards African people. The D&D novels have tried to pull the drow race away from this concept (the "pre-cursed" drow already had darker skin, in current Realms lore), but it is so much a part of the D&D canon this has been difficult . . . as many fans would be pissed at a major change is a classic D&D race and refuse to see the change as a move away from racism.
I wouldn't mind seeing the D&D Next team, once they get to world-building, make some bold moves to remove some of these long-standing racist elements of the game, but in doing so I feel they would alienate a lot of long-time fans who don't see those elements as racist, or accept the importance of making some positive changes.