I think favored class is taking a bit too much of their focus. Adding in such set ability and feat focuses strongly rewards players for min-maxing. For most of the races here I would take out part of their ability bonus and replace it with a +2 of the players choice. This allows for strong elves, deep thinking dwarves, and charismatic orcs, all of which have existed in fantasy in one form or another.

Instead of two or three set traits have six different ones and let players choose two. For example;
Elf
+2 to any ability score, +2 to dexterity, -2 constitution
Choose two of the following
Enhanced Perception (Ex)
Elves are naturally more perceptive than most creatures and gain the Blindsense quality, see the Monster manual, out to 15ft. Many elves describe it as "being able to feel the air."

Finesse (Ex)
Trained to favor their dexterity over power, all elves begin with the Dodge and Weapon Finesse feats, even if they normally wouldn't qualify, for free. An elf may use any one-handed weapon with weapon finesse, even if it normally wouldn't qualify.

Ancestral Weapon Training (Ex)
For centuries elves have mastered the use of certain weapons. Choose on of the following; longbow, rapier, short sword, or any weapon with elven in it's name. Gain weapon proficiency and weapon focus with that weapon.

Long Hated Enemy (Ex)
No one remembers how it started, but any elf will kill any goblinoid and vice versa. Treat goblinoids as your chosen foe, equal to a ranger 1/4 your level (min 1).

Eternally Graceful (Ex)
No other race can compare to an elf's grace and beauty. Gain a +2 bonus on all charisma skill checks, but only against characters capable of appreciating elven beauty. No ooze cares about smooth skin, except about how easy to digest it is.

Natural Magic (Ex) (This trait takes both slots.)
Decades of magic practice have turned what were already dexterous fingers into spell casting masters. Once per day, cast a single spell with the Quicken metamagic feat.