Sorry for the multiple posts, but I wanted to add this quote from Todd...
Todd Howard (from German Interview):
“We do have the 10 races we had in Oblivion. And it is just those 10 again. We think that’s enough, and we’re more interested in making those 10 feel different from each other.”
(There are other similar quotes you can find.)
Ultimately, if race was nothing more than an aesthetic decision or "skin" at the start, there would be no chance of fulfilling the above quote. Thus, I expect some racial variances at the start of the game and possibly through race-specific perk tress throughout the game. Just my opinion, really.
Todd says lots of things. Anyone who paid attention to the things he said in the run-up to Oblivion knows to take them with a grain of salt.
I tend to think that, in spite of what Todd says, there will be virtually no racial differences, in addition to the already advertised lack of "attribute" differences. That's specifically because of the perk system.
Imagine - you have a system that gives Altmer some sort of advantage in spellcasting - whatever that advantage might be. In the past, it was a bonus to intelligence (impossible now, since intelligence apparently doesn't exist on Nirn), some sort of bonuses to magic skills and a bonus to magicka. The skills and magicka pool do still exist, so bonuses could be applied to them, but what happens with the perks? If a magicka-increasing perk is a straight number or even a percentage, it would have to be
perfectly balanced. Make it a bit too high and Altmers are uber. Make it a bit too low and Orcs can never be spellcasters. The only other way to deal with it would be to make the size of the perks race-specific, but then you'd essentially be rewarding Orcs for playing spellcasters and punishing Altmer, by giving Orcs more healthy bonuses to make up for their starting disadvantage and giving Altmer smaller bonuses in order to avoid overpowering them. That latter seems entirely unworkable, so the only possible approach, as I see it, is the former - every perk bonus has to be exactly and carefully balanced - exactly the right amount to provide some benefit to a race that starts out at a disadvantage but to not overpower a race that starts out with an advantage. And then understand - that would have to be done with every single perk, for every single skill, for every single race. Every one of them would have to be very precisely balanced such that the races with disadvantages wouldn't be shut out from a path completely but the races with advantages wouldn't become uber.
That would be an enormous amount of work, and let's be frank here - Beth has a long and essentially unbroken history of being faced with things that would require that sort of work to balance, and deciding to just scrap them instead. The easiest approach, by far, would be to either eliminate racial bonuses entirely, so that the perks only have to be balanced with the overall gameplay rather than with each race, or to, at best, make any racial bonuses so inconsequential that any slight imbalance from perks would have little if any effect on the gameplay.
I could well be wrong, but I have little doubt that that's exactly the way the game is going to be set up - that in spite of the noises about making races more distinct, the differences are ultimately going to be cosmetic only. Having even somewhat signficant advantages and disadvantages simply by dint of race would require an enormous amount of effort to precisely balance the perks such that characters don't end up either uber or entirely locked out of a particular sort of character simply by dint of race, and I've seen nothing to indicate that Beth will invest that effort into balancing, and in fact much to indicate that they won't - that, as they've done with so many things over the years, they'll simply eliminate it instead.