I feel like Elves are more in line with what the Racial balance should have been, and I think that the other races need to be buffed to compete with the Elves; who are still quite good.
Everything about the elven kit is useful to just about everyone, with their Racial Skill, Flesh Sacrifice, being the best in the game by quite a large margin. Aside from perhaps a tune-up to Flesh Sacrifice's penalty, the Elf is in a very good place right now.
The most obvious thing that would help bring other races up to par would be fixing their Racial Skills. Most of them don't scale, or have painfully mediocre effects with restrictions (Encourage is useless from the get-go, Petrifying Touch can't be used on allies, etc).
