I like the idea of race modifiers given a few qualifiers: First, the races should probably start out fairly close to each other so that your Nord mage isn't a more fit fighter than your Breton warrior. As well, the skill, attribute and level advancement system should be developed in such a way that, sure, if a Nord focused everything into strength, he'd always be stronger than the Bosmer that focused on strength (given, say, equal level), but a Nord that split attribute advancements between strength and agility or intelligence may not be as strong as whatever other race that really focused on that. In other words, there should be a noticeable difference that makes each race unique in a way that will still matter when developing your fiftieth character (and when all those are at max level), but won't be such a large factor that, say, a Redguard mage is completely ridiculous (but maybe should require more focus on those skills/attributes to get the same results, meaning greater sacrifices in the non-mage skills). People may complain about race limitations, but it's those limitations combined with advantages that make a fantasy race feel like it is worth having in the story (and worth choosing). Hobbits were never known to be great warriors in LOTR. That is a better reference for TES races than real life is.
If you're worried that you'll feel like you have a choose a race to be good in a particular class type, well, that is a risk. But it is important to honestly assess whether you are a min/max type player. If you are not, you will probably be fine in a single player game if your non-optimized warrior-mage is powerful enough to have fun and not die every 20 minutes, even if it can't zerg every dungeon you come across.
A reasonable assertion. I would have to say, however, that it would really never be an issue if one race just had a higher potential maximum than another. Because how does that affect what race you decide to play at all? It doesn't, because you can still max out all your skills, and have the benefit of being able to do whatever you want playstyle-wise for that character. Then, when you make another character, be it for roleplay, or the stat bonuses, you'll know you can succeed as that character as a mage, warrior, thief, etc.. The key reason this will work in Skyrim is the removal of the class system. With that out of the way, we no longer have to worry about making power-leveling characters that avoid using their preferred stats a part of their class so that we can get the maximum bang for our buck and reach a higher total level.. Not to mention that apparently attributes may or may not be out (confirmation?), meaning only special racial bonuses to skills and powers will come into play anyway.