I hope the racial abilities aren't just perks. Then other races could, presumably, also pick those perks.
I'd prefer something more like previous games where each race has a "greater power" or "trait" that is reasonably difficult to replicate by other means (if at all).
Your assumption doesn't make sense though dude...
The Racial Perks would, if that's the system they're going with, likely work the same way as Greater Powers did in Oblivion. I'm not talking about their timer, by the way; I'm talking about their availability.
The racial abilities, perks, traits, or what have you will be restricted to those races. That's what makes them different. It's what the Elder Scrolls games have traditionally done, and there's nothing to suggest any break from this mechanic.
I wouldn't worry about it if they're perks.
Like in Fallout 3 where there are gender-specific perks, you know? Just extend that concept to the races.