I skip straight to the stats, then look at the flavor. Flavor is great and all, and I have read entire chapters start to finish in the Races of books, but you gotta know what you're working with. Cause too often, the fluff doesn't even match the crunch, which makes the fluff quite pointless. Like 3E saying elves make good wizards, when in fact mechanically they suck at being wizards worse than every other core race except half-orcs.
This. First I see if the crunch is compatible with what I want to make, then see if the fluff is relevant. If not, I talk to the DM about how I am changing the Fluff (for obscure races, its rarely an issue).
Fluff is mutable. Then again, so is crunch
Having a bonus in IQ and having wizard as a favoured class = suck?
Having proficiency in some useful weapons = suck?
While one could make an argument that humans are better wizards I really don't see how you can argue that dwarves or 1/2 elves are better.
Unless you really, really, really, really hate that con minus I guess. But that would just be silly
Well...
1) Default elf gets +2 Dex, -2 Con
2) Variant Elf (sun, fire, and... one more) gets +2 Int, -2 Con, but that penalty to Con is more relevant than the +2 Int when you are dealing with a d4 HD. If one of those variants gives +2 Int without penalizing Con... that would be worth taking.
3) Prof. in weapons is worse than useless (for a Mage) as it encourages suicidal behavior in "noobs".
Humans: +1 feat (better than anything Elf gets), +1 skill.
Dwarf: Darkvision (better than anything Elf gets), +2 Con (can't overstate how awesome this is), -2 Cha (hey, don't make a Sorc!), other random stuffs
Halfling: +2 Dex, -2 Str (bonus on Ray type spells, penalty in irrelevant stat), size Small = +1 to hit, +1 AC (better than anything Elf gets).
Half Elf: sux
Half Orc: sux more
Gnome: Small like halflings, tough like dwarves, irritating as Kender (personal opinion

).
The more splat books you allow, the better Mage options you find... and I don't think any of the "winners" are Elven. Unless you don't mind the crippling -2 Con, which would be silly.