You still need more Memory to use additional skills. Only one elf so gar can get those skills for free. Damaging skills don't deal a lot of Damage, with no fitting attribute.
So far I did not see any 'powerful' spells learned by corpse eating. Not sure what will be available later.
In my eyes corpse eater just means, you don't need to pay for a book, but I don't play competative anyway. I also don't think it is a huge 'loss' to but one point into a skill tree to learn their basic skills.
But I do agree, that other races feel less powerful. Not because elves are to powerful, but because their racial skills don't feel that great. Lizards feel like a lighter, the fire breath hardly deals any damage, and also the animation is bullshit in my eyes. If the lizard can breath fire, they should breath fire themselves and not summon a dragon head to do it.
Petrifty only works with no physical armor and Encourage does not improve over time. Does skill are nice early, but elves have the only skill, that kind of improves over time.
I think Elves are the only race with a race skill, that was newly invented, all others already existed in DOS1.