If I recall correctly, race DID mean something in Morrowind, maybe even Oblivion.
In Morrowind I played a wood elf and a dark elf. The difference with the dark elf was extraordinary. People called me muthsera or sera, and were generally cordial. When I played a wood elf, it was "We're watching you scum!"
The most I ever see about race in Skyrim is sometimes Nords will make generic comments about my characters being elves. Like "What do you want little elf?" That is all I have ever found playing dark elves, wood elves, and high elves.
Might be a bad thing according to how you see it; i would like some different treatment for different races, minor ones at least.
I agree. I would like to see differences in how people treat you based on your race. It would make the game a lot more interesting, and your choice of race be about more than just what once a day power your character has.