Ok, I like some things and don't like others. Let's do this by race; I'll go in the order Syn did, just to make it easier for me.
Titan/Colossus
Fast healing - I don't really think so.. no real need, they already have the highest hp in the game.
Greater strength - as Syn said, he's tinkering around with removing Titanic Attack, since they're supposed to be big, strong, and slow. So I'd really like to see a Titan with the normal amount of attacks, just each would be more powerful than normal. Or, maybe even less attacks than normal, and make them a little more difficult to block with certain defenses (ie these attacks are very powerful and therefore hard to just shrug off with a shield, if you were to do that all the time, you'd break your arm and/or that shield.. and because the attacks are done with such confidence and force, you couldn't really change their path (ie parry))
Draconian/Dragon
Stronger breaths - long needed.
Fly over ocean - great! Fits perfectly
Turning pierce/slash on hard scales - this, honestly, may be too much.. depending on how often it would be allowed. If it's like 5-10% (depending on your skill %) of the time, it may be just fine, but anymore would be nuts.
Claws - something I suggested before: allow Dragons to select a hand to hand "mode," dealing either slash or bash type damage depending on if they wish to use their claws or just their fists.
Tail deal - .. meh, I think if Dragon gets all of the above, it'd be perfectly fine.
Elf/Seraph
Minor fly - not bad, couldn't hurt and doesn't seem to be overpowering.. but don't put too much stock in this, as this isn't a real big difference.
Radiate light - about the same as I say for minor fly.. plus cool for rp purposes, as was said.
Absorb partial mana from spells directed at them - while this might be kind of cool, they already have a crazy amount of mana, and in most fights would already run out of hp much sooner than mana.. so I'm not sure how much this is needed.
Enchant arrows/bolts - sounds great, could be what this race really needs.
Dex bonus from natural haste - definitely put this in.
Slayer/Changeling
Claws - what exactly would this do? Slash-type damage? More damage? An explanation would be great. Also, perhaps what I had suggested for Dragons, in being able to select between the two damage-types.
Mimic defenses - sounds cool.. but who would this affect besides drows?
Reflect/purify light in well-lit areas - again, what does this do? Damage? How often does it kick in?
Additional AC - yeah, this character is naked and doesn't get any of the benefits of eq (no hp/mana/mv bonuses, which really become quite substantial later on, plus have to cast all spells except haste and sanc), they do have a fair amount of attacks and with the update allowing martial arts to work while shifted do a decent amount of damage.. but still nothing to compare with someone who wears a full set of armor and a weapon.
Human/Avatar
More DP/Pneuma - sounds good.
50% less time in void - sounds good.
Can plane-travel - hmm.. could be interesting, again, what exactly would this entail?
Dwarf/Berserker
Enhance stats of weaponry - sounds good, exact modifications able to be made to items?
20% more damage with axes/hammers - love it.
33% faster hp/mana/mv regen undergroud - cool, sounds good, but what areas count as this?
Extra attack whlie wearing 2-handed axe - No. With the 20% extra damage, I think that's enough. Almost everyone seems to want to give their race an extra attack. Bah.
Lich/Wraith
Locate items/characters farther than normal using energy to do so - sounds good.
Deflect magic - exact meaning, please?
Minotaur/Hellbaron
20% less damage except fire - might be a bit overpowered, not sure..
–- (alternatively) Star's ram and take blow to horns for less damage - might be good.. either way would be more balanced than the full 20% off all.
Having Horns - sure, why not.. plus can help in other things (previous suggestion)
Drow/Spectre
33% dodge aggro mobs - nice, sounds good
33% evade tracking - again, sounds good
auto-sneak/hide in dark areas - yet again, I like it
50% faster hunt/autohunt - first, there's an autohunt? Second, might be a tad fast.. 30-40%, I'd say (let's put 33% for everything! (heh))
Extra attack - No, enough of this. Let them be defensive.. give them a personality, don't just make them be another "all-arounder". Plus, as Ert said, might be too much.
Vampire/Fiend
Tail - I agree with Ert, extra attack .. nah. Yet again, people want more attacks for their race.. if any race should get this, only a scant few.
auto-detect invis/hidden (I believe? .. or was that already in the game?) - sounds good
Detect hidden items/exits - as was said, very limited application, but sure, why not.
Hear conversations rooms away - ok, sure.. but should be able to turn it off, as it could get annoying.. especially in chat, heh.
Other random "smoke" deal - smoke making un-attackable could really be abused to get through tough pk locations, such as river, etc.. As for against mobs.. CoG already does that.
Bats - I like the idea of 6-12 bats much better.. wouldn't screw with the game nearly as much, and wouldn't make it a seemingly-invincible escape.
Sith/Naga
Spit acid/poison - hmm.. maybe
Shed to regen quickly - the shedding just a reason for standard fast regen? or do you actually have to do something to activate this?
Lay eggs to make Sith-lings - interesting, but just how useful will these little guys be? I mean currently, leveling in forms sucks, and they would contribute much less than a player. I don't know how much damage they'd do (or be able to take), but perhaps would they help out in pk? Or, if intended as more of general aids, would it be possible to make an exception to the form exp rules to make all the exp go to you? (and only have a very small limit for these guys, if you do that)
(wipes brow) Ok, that should get most of what was said. Now, to get back to work, would love to hear feedback and all that good stuff.