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People have been making suggestions on new possible races ad nauseum, however, I will post my thoughts as well. Afterall, this is a suggestion forum.

Alliance:

New Race: High Elf
Classes: Warrior, Rogue, Hunter, Priest, Mage, Warlock
Mount: Swift Riding Elk
Racial Perks:
- Bow Specialization (+5 to Bows)
- Some sort of Arcane magic bonus
Backup: High Elves are already a factor in the Alliance, and have been in the past. Though many were killed by Arthas and the Scourge, they are still quite populous. Don't forget that Blood Elves follow Illidan and Kael'thas, but there are still High Elves present in the Alliance.

Horde:

New Race: Stonemaul Ogre
Classes: Warrior, Shaman, Warlock, Mage
Mount: Dire Boar
Racial Perks:
- Mace Specialization (+5 to Maces)
- Ogre Strength (Maximum Strength increased by 5%)
Backup: Though Ogres as a whole are hostile to the Horde, the Stonemaul Ogre Clan is part of the Horde under Beastmaster Rexxar.