i've never heard a single line of dialogue from ulfric suggesting he is racist. ambient dialogue between him and his general are done very well, and shows a much different side to him than what i see portrayed on the forums. and if you're an elf, a khajiit, or an orc, you can still join and be honored by the stormcloaks...i fail to see the racism in that.
while personally, i believe every nation has a right to self rule, it is in the best interest of skyrim (the world really) to form a united front to defeat the thalmor. when the thalmor are eradicated, that is the time to wage a civil war. very interested in hearing the empire side of things.
i thought bethesda did a nice job layering the story, as there really is no clear cut right or wrong side. valid arguments can be made for both sides.