My main gripe with the race designs, so far, is that the elf races are too similar. Sure there's some differences, but between the "high customization" they've been promising and what we've seen so far, I fear it will be easy for an elf of one race to become indistinguishable from another race. Especially the Wood Elves... in previous games, they were short and devilish looking, and almost child-like in a way. Even in Oblivion, you could tell the elf races apart with little trouble. But the first Skyrim Wood Elf pic released had people confusing it with a Dunmer due to the purple-ish skin tone and menacing look. And the second one doesn't lend itself to the "short, devilish" appearence of previous games, either; if it wasn't for the browin-ish skin tone, I would've though it could be a High Elf.
In my view, so far, there seems to be much more differentiation between the races than Oblivion.
In Oblivion Altmer, Bosmer and Dunmer seemed to have essentially the same face models, only with different color hair, eyes and skin tone.
In Skyrim, we have not yet seen the Altmer, but the Skyrim Dunmer and Skyrim Bosmer have entirely different bone structure and facial characteristics. It is refreshing to see some fundamental differentiation between these Mer races. And both look fantastic, especially considering the journalists have spent only a few minutes in the character creator.