IMO Race bonuses do not really matter when I am creating a new character. Sure they are good in the first few levels, but in the long term they bear no relevance. I think that they only provide a pointer into what that race is good at. For example Khajiits have +10 sneak which indicates that they would make good assassins or thieves.
Any thoughts? Do you think that anything could be implemented in future titles that would give race bonuses more significance? Something like Bretons along with +10 Conjuration could have a bonus which made their summoned creatures more effective, in essence giving them a head start as it were in the conjuration perk tree. This is only off the top of my head, anyone else have any ideas?