Same can be said for Imperial and their hp/stamina bonus.. those are more for leveling bonus I guess, once you hit max level and get better gear it wont matter. To me, thats why they often said that race arent important as much as people think in this game.
The only thing I can see for the racial is that since its "easier" to hit the overcharged point, you can have a piece or 2 with health enchant instead of magicka.. something like that.