Tdroid, you are not at all the first to hold that opinion.
I pick race based only on looks and image as the game is plenty easy anyway. If however I was to pick race based on pure effectiveness/efficiency, especially at higher levels, it would be Breton. Eventually all the attributes you deem important get maxed and with only one ring the Breton becomes immune to magic attack. Of course, nothing says you have to boost their magic resistance. I don't consider the shield power to be uber as it is a once a day thing.
I didn't think I was the first one

The high resistance is more or less impossible to match: Only the Orcs comes close with their 25%. At higher lvls it is not that hard too manage that, but in the middle lvls it is way harder and in the start of the game it is imvaluable against other mages.
I agree that the Dragon Skin greater power is not an uber thing, however it is an expert(or master, I don't remember) lvl shield spell that will turn almost every fight on low-middle lvls and it is still usefull on higher lvls in a tight spot.
The Bretons I have made lately never use any item that boost magic resistance and I find it much more fun too play.