If Blizzard really wanted to bring old racials up to speed - with the new sexy Worgen/Goblin to compare with - there are a couple of things they should have in mind:
1. Racials should be as universal as possible. While profession racials are alright, some racials - the main offenders being the ranged weapon specializations - feel "too bad" because only very few classes that race can be can use them to a perceivable effect. Axe/Fist Weapon Spec is swell and dandy, on the other hand, because recently, every melee class Orcs have can exploit that talent. Being an Orc Rogue and being told that even if you were supposed to be an expert with Axes, you still couldn't wield them, is not entirely copacetic with the flavor. On the other hand, Gun and Bow Specs are extremely useless for the great part of the classes, and could be replaced with something that achieves in depicting the same concept while being more comprehensive.
2. Profession racials should be more interesting than a straight up boost. Goblins get a boost on pots, Worgen can skin with their claws. What if Gnomes had a chance to create extra grenades through Engineering? What if Blood Elves lost less durability on enchanted equipment? What if Tauren could collect consumable roots through Herbalism? Ideas that are simple to implement and would make a whole lot of difference in the flavor department.
3. Provide fluff talents. Another thing that wouldn't be hard to implement - but one nice racial that provides an additional benefit, even if it is not something that will make or break your character but just allows you to feel special just by being a member of that race can make all the difference.
Here is a mock-up of what could be done to spice up Horde racials: http://www.war-tools.com/t69100.html
I'll probably prepare an Alliance version just for kicks later.
One the one hand, I don't believe Blizzard is going to pay that much attention to neither racials nor updating the old race models.
On the other hand, this is one topic that I believe most players would support getting a review and enough rapport could be summoned in Blizzard to deem it important.
I wish I hadn't cancelled my account to try and get some rabble-rousing done in the official forums though :7