Alot of people in World of Warcraft seem to be begging for new race models (or information on them). The main gripe I see is that they seem to be taking too long.
I think they should take longer, and take it one step further.
A major improvement like this is normally featured with an expansion. When doing a major overhaul on the playable races in World of Warcraft, or in any game for that matter, they also need to rework other things commonly associated with character aesthetics.
The first hurdle is armor and weapons. Every piece of gear in the entire game. It all needs to be reworked or replaced because the geometry would not fit the new race models properly, causing more harm than good to come from the vanilla races, as well as Blood Elves and Draenai.
The second issue involves many of the older mounts with lower polygon counts, such as the classic ground mounts. Think of how out-dated the old night elf kitties are in contrast to the new one that has been previewed as a reward for Arena and Rated Battleground wins. All in all, they have ALOT of work to do. While they're at it, I wouldn't mind them re-itemizing many of the uncommon low-level items to include stats like crit, haste, etc.
For an extra step, they should also implement some kind of sub-race system. There are many different kinds of humans, Stromgarde humans, Stormwind Humans, and Tiristifal Humans. There are Fel Orcs, Mag'har Orcs, Green Orcs. Taunka, Tauren. Ice Trolls, Jungle Trolls, Desert Trolls. Night Elves, Highborn. Goblins from other trade cartels. The only issue I could see is that the Worgen are humans, and that Gnomes and Dwarves lack counterparts in other parts of the Warcraft universe (Stone/Lightning Dwarves and Mechagnomes would be a stretch).
One thing I find lacking in World of Warcraft is character development. With Blizzard's excellent new phasing technology, they could make it possible for Mag'hari orcs to start in Nagrand, then move on to Azeroth similarly to how Death Knights go to pledge allegiance to the rulers of the Horde and the Alliance. It would add alot more depth and flavour to the game, as well as a more diverse character story from player to player, and between each players' characters.
Just a thought. While I don't play WoW anymore I often find myself thinking about it, as well as a reason to come back to the game.
Thanks for reading.