Pros:
.Bears are bulkier and have more body fat compared to wolves to suit their climate meaning they are much more likely as players to be given a bonus resistance to frost.
.Higher body fat would also allow bears to hold more health than a wolf therefore bears are hardier creatures and can withstand more damage.
. (This is more personal speculation) Bears would be able to feed on any type of creature such as deer or cattle whereas wolves have just humanoid blood to feast upon. However feeding on these creatures rather than humanoids would not give as much health and stamina as normal races as these docile creatures are petty in meat and nutrients.
. With massive claws and a bonus to one-handed (alchemy knowledge of bear claws) bears would be able to deal more damage than wolves as their damage would scale with your own one handed skill rather than unarmed hits with wolves. This is more a stretched thought ill admit.
Cons:
. Larger body fat = slower movement. Not only in running speed but in combat also. If bears deal more damage - they would attack slower to balance. Thus bears would have a higher health to lower stamina ratio. Covering less distance and having to wait for stamina to regenerate more often.
Wolves can run extremely far extremely quickly as they have less fur and more muscle compared to bears.
. Snow bears have a weakness to fire(?) - so bonus resistance to frost perhaps might be balanced with fire weakness. Whereas wolves have neither bonus resistance or negative damage multipliers to any elements.
These are just my thoughts, feel free to say weather you would agree or dis-agree with any of them and give your own ideas as-well. Im not 100% about any of these, simply basing them on what would make sense with the developers and racial traits.