I can tell you this about choosing a race... there are ALOT of cliffs in Norrath so a race that has "safe fall" is very nice to have. Fae/Arasai, Dark Elf, High Elf, Erudite
There are alot of times when a fast get away is nice... like a temp. 50% speed boost. Fae/Arasai, Sarnak, Kerra
A racial "Blink" ability is a great thing to have also. Fae/Arasai, Kerra, Dark Elf, Froglok
Check out: http://home.comcast.net/~eq2gamedata/main.html
So IMO, Fae/Arasai have the rest beat for racial abilities with Arasai being slightly better because they get Ultravision, while Fae get Infravision.
But I can say one thing... Wood Elves have the worse racial abilities of all races. I want so bad to reroll my Warden to Fae. 