I'm just getting my feet wet, and while making some sample characters I noticed that it doesn't seem to make any real difference mechanically which race you pick ? the only difference I could find in the rules is that elves and dwarves are limited in which attribute they can get a starting bonus on, while a human can get a bonus on any attribute. So there seems to be no effect of choosing a race, except for color.
I was expecting to find some racial bonuses described (as in other retro systems like Perfect20 or Microlite). For example, it would be nice if there were a few default racial Talents; they wouldn't bulk up the rules by more than a few paragraphs, and would make non-humans more fun to play.
(This didn't keep me from enjoying the game, though! I played tonight with my son and we had a good time.)