Night elf and gnome are both looking particularly good for Alliance races. If I was playing Alliance at the moment I would be strongly considering playing a night elf, models depending of course!
On Horde blood elf is certainly looking like the strongest option and I will need some nice new troll models to consider staying as such. With the changes being made to CD stacking I am somewhat concerned that troll might end up being one of the weakest races in terms of racial abilities. For example, blood elf offers crit plus some mana regen and goblin provides haste and a movement ability. Troll is providing an amount of haste that will be worth less than what a goblin offers over a lengthy encounter and has no combat improving secondary abilities now.
Hopefully this gets flagged up during beta.