Well, I can only -personally- look at the Gnomish line, or Snifvliblin, if you want. Essentially, we're just short humans with better stats, a couple small resists, and two racial skills. One of which does next to no damage, and the other... I can't honestly say I see any difference between using blur and not using it.
Compared to Dragons, which I have played, and yes, I realize they're uber beasties, but still. Dragons innately have one immune (or near immune), and at least one weakness hitting... what, +200, or is it 150? They get breath weapons, which get -STRONGER- with age, and do area of affect damage. Lets compare my wimpy gibberish that might do 150 points of damage, to a breathweapon that probably hits an average of 300-500 at a fairly young age. On top of that, they get the best stats in the game, trade for a very high TNL. Sure, their other skills are lacking, but yeah.
Then we take Kalchi, also another uber race, one I haven't played. Mentalflare. Enough said. Chalgyr calculated that with Daklore's pre-wipe hours and health, he could probably have hit 10K damage easily at full health. I know it's been, as Tsythor would say, rebalanced, but still... it gets better with time as well.
Now lets look at ShadowElves. I don't play one, but honestly... do they -even- get any racial benefits? They're just Drows with better stats? o_O
Rakshasa and the were evolution. They have a kick-ass were-form, which is rocking at low levels, but a drawback at higher levels. That has been answered with the probability of a skill to allow them to control that transforming urge at a higher evo/age/whatever. They also get double stat gains, and fairly decent resists.
Equus.... I've not played any... but they can gore an enemy/player and have a chance for an "instant kill". Over power much? I mean, I can get hit by a sword fifteen thousand times and not loose a limb, but I get ran through by a horn from a horse, and I'm dead? 9800 health in one hit, assuming it was successful at max health. ... Yeeeeeah.
Atach... whatever... they finally got a use for that third arm.. but really, that's the only thing anyone can say about them.
Can I say anything about any other race? Maybe Yuan-ti... their defensive skills are good from what I've heard. Can I say anything about any other race? Not really. They're pretty much just, 'meh, whatever. They can't really do anything cool, they're just there."
How's that? >P