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Races: I believe that they should be designed such as that existed in 3.5, they displayed cultural and physical traits, perhaps refine them a little, please. -2 int for half-orcs is completly appropriate.

Classes: has been decided by the R&D D&Dnext team, there will be 3 categories of classes, common, uncommon and rare. not sure how they are breaking them out, but warlock and assassin will be included. This also helps represent the class commonality in the world.

now I believe that mechanics between race and class should exist.
in 3.5 favored classes existed but did not give flavor to the class, as an elf wizard can be made similiar to a human wizard.
In 4.0 you could make any class practically the same if they had the same ability bonus.

In Pathfinder, you have a class list of ablilites that you can choose from to specialize your class or make unique. I like this idea.

I would like to see books laid out by race. This would then allow the book to talk about specific histories, backgrounds and professions and perhaps variants. As well special abilities for that race exclusive for each class. And prestiege classes(or of the like) if they will exist

It will add more flavor however it should not overpower a race for certain classes