PVP
Druid - Either: Both the increased health and warstomp and the bonus dodge / higher stealth level are quite desirable for a PvP druid.
Hunter - Orc: Though warstomp and increased health are also a very strong suit I'd give this one to Orcs with their increased pet damage and stun resist.
Mage - Human: While WotF is good for a mage, it counters two classes that mages really shouldn't tangle with in the first place, I'd take perception and increased mana regen over it, gnomes could also be a contender with escape artist, but I'd still rather have perception, not allowing rogues to get the drop on you makes a world of difference for a mage.
Paladin - Human: Increased spirit, perception and sword/mace skill beats anything a dwarf brings to the table here.
Priest - Forsaken/Dwarf: Dwarves have the edge on healing priests and Forsaken on Shadow Priests, but both races are very strong in both areas mostly because of fear removal which is REALLY strong on a priest.
Rogue - Dwarf: I find WotF to be massively overrated on rogues, it only helps you counter 2 classes (warlock and priest) and will rarely change the outcome of a fight with either anyway, the bleed removal into vanish gives dwarf rogues a strong fighting chance against warriors which is in my opinion waaay better than fear removal, orc and human are both close contenders here because of stun resist and perception.
Shaman - Tauren/Orc: I find warstomp to be a really strong suit for any kind of shaman, though orcs with their stun resist is also a close contender... I guess I'd prefer Tauren for Resto and Elementalism and Orcs for Enhancement (because of the increased axe skill).
Warlock - Forsaken/Orc: Both the stun resist and fear removal are VERY strong suits for a warlock, I guess I'd take orc because of the increased pet damage, but I wouldn't rate one over the other here.
Warrior - Tauren: While warstomp is hard to use properly on a warrior the increased health just fits the role of a pvp warrior so good, gnomes are also a strong suit, but Escape Artist won't win you battlegrounds, only duels and to me that doesn't matter the least.
PVE
Druid - Either: Neither tauren nor night elf racials does much for a PvE druid unless it's a rare bear tank, in that case I'd give tauren the edge.
Hunter - Troll: Berserking AND bow skill, an obvious choice.
Mage - Troll: Berserking is the only truly valuable racial for a PvE mage, increased mana pool and spirit is nice, but mages don't really have that big of a mana issue.
Paladin - Human: I guess diplomacy beats stoneform...
Priest - Dwarf: Fear ward, nothing to discuss here.
Rogue - Human or Troll: For sword rogues, human with their increased weapon skill is an obvious fit, for dagger it'll be the troll berserking once again.
Shaman - Troll: Berserking once again, though it does little for resto shamans neither does tauren or orc racials.
Warlock - Orc: None of the racials available for warlocks does much for them, so the increased pet damage is better than nothing.
Warrior - Tauren/Human: Both of these have very strong racials for warriors, Tauren are better for tanking, humans are better for dps, but sword/mace skill should not be overlooked for a tank either.