Pretty much the topic. How would you balance the races in terms of bonuses, traits and powers for an MMO?

Dunmer, Altmer, Argonians, Nords, Osimer...etc etc...

First off, you do realise that "useful" and "balanced" contradict each other?

I expect there to be no "racial" bonuses because your choice of classes will be limited by your chosen race. All of your advantages will come from the class.

That's not exactly true. Useful does not necessarily mean they break the balance. I will say it is a fine edge to walk though.

There sure as hell better be racial bonuses though. That is a staple of the series. At least minimal representation of that is necessary.