Races had a much bigger impact, even if we remove the stat and ability differences.
No they dont have great impact at all, all difference between races visible only at beginning at middle of game difference is out racial traits become almost useless because of leveling and equipment, NPC incapable use powers, races then become divisible only by visuals all characters become equal only races with actual strong traits become slightly differ from others, to feel challenge many players start as inappropriate chose for race like Altmers warriors instead of choosing mage, races different in TES only by visuals and starting traits since there is no limits to become master in anything just not all specializations equally easy mastered for all races.
NPCs actually recognized your races, and sometimes treated you differently. Outside the Emperor from Oblivion, nobody said anything about your birthsign.
And how such recognizability impact on gameplay? Almost has not impact at all, did you know thats you can play Oblivion by custom race and encounter recognize only few such events Valen Dreth welcome and Boethia Shrine besides rare lines in dialogues all other difference is cosmetic and don't have any changes in gameplay, even Morrowind has better race recognizability then Oblivion I only hope thats was fixed in Skyrim.
Ability NPC comment your traits is the same feature as ability NPC comment your disease skills and equipment and Oblivion is have visible reduction of such NPC reactions, such feature not hard at all to be done, since use the same techs what already in game.
And even the stat differences are bigger, with elemental strengths and weaknesses.
What stat difference there is no attributes at all, only skills bonuses what wear of so fast because now skills levels in much faster way, elemental strengths and weaknesses work only for few races from ten, having traits is need to make each start more unique thats increase re-playability of game, make traits useful is not hard at all.
The main thing with traits is that they come with strenghts and weaknesses that you have to live with during the whole gameplay, and they tend to be a lot stronger than racial perks. Choosing those right at the beginning tend to be a bad idea, and starting over, is NEVER good.
So you say thats races is not equal and different and have visible impact on gameplay during all game session and not require initial thinking what character you will play don't planing his furtherer progression during game and thats is not as the same as chose of starting traits while birthsigns is an example of such traits?
Altmers starts with come with strengths and weaknesses you see them as cool tall golden elves you take them don't read description thats say about their strengths and weaknesses and recommended initial pats of specialization then rush into combat melee and die from few strikes think thats was bad idea and cry at forums thats altmers was gimped remove them from game dont try reload think again and start again with proper chose thats much easer for you until you become more experienced to play game altmer warrior, and in next TES devs axe Altmers from game, well I think thats irrational way to play TES games, in such cases better if Skytim will not have TES title and become another The Elder Scrolls Adventures: Nord or The Elder Scrolls Travels: Skyrim or An Elder Scrolls Legend: Dragonborn since will not have features to be equal to other games of series.
So you say thats starting traits cannot be stronger then racial
traits (because perks are depend on skills and received from skill you say by self thats not Fallout so think again) why exactly they cannot be stronger then racial trait?
Starting traits is unique inborn abilities what was developed during maturity if you are born as altmer with less weakness to elements but lesser magical affinity then other altmers thats normal and add some new ways to play as already played before race it the same if altmer born under Atronach birthsigns give different playing experience then altmer born under Lord birthsigns, now we play as altmer always without of any differences in start, we don't have classes and governing skills we start as newborn child what was magically aged or as mentally ill person what forget all about it past.
Traits can have cost for chose at the begining similar to Daggrfall advantages and disadvantages chose only few problem was in it
first one thats it has imbalanced traits thats add immunity and was compensated by chose of miserable for current gameplay disadvantages.
second one thats racial traits not work with them as well certain traits but thats was because of overall large number of bugs in game.
So thats why advantages&disadvantages was reworked into birthsigns where combinations of advantages&disadvantages was already packed into form of starsign with unique visuals such sets was much easy to control then various combination of advantages&disadvantages, so why not create such traits as sets of various but already tested spell effects combinations thats have some unique scripted effects and can advance in levels with certain values of character level, the same goes to racial powers for example Bosmers Beast Tongue thats not static but level up with character or Dunmer Ancestor Guardian will be leveled creature with various abilities, traits initially have visible and undeveloped effects what scale with character level then traits become useful during all game play as well is not ridiculously powerful at the beginning.
If some one fear of traits then better if game will have two modes casual one where we play as Nord warrior commoner and hardcoe mode where all features accessible thats much better then don't have features at all just because some one afraid to experiment or explore, lazy to rebuild character accordingly to self skills, or lazy to read description what is written in good and informative way.