About the changes in general:
I like how they get an extra ability bonus, since I think only one fixed bonus kinda suggests that they're only good at one thing.
But on the other hand, I didn't think the old mods were right, and the new ones (which are additions to the old ones) inherit that problem:
For example: Con is a big thing - everyone needs it, everyone. I'd say it's more or less the most powerful ability score out there, with only strength coming close. (+Str is a bigger bonus than -Str is a penalty)
I think the gnomes' mods were okay: strength offsets con. I think the elves got shortchanged, with dex not quite making up the con penalty, and the dwarves really got too much, with the cha penalty not nearly offsetting the con bonus (a cha penalty for a fighting race is nothing), especially with the other niceties they got.
My dwarves got +2 con, -2 cha, -2 dex, as I think dwarves aren't that agile (with their short, stubby limbs and all ;-)), the dex and cha ofset con together, and I think they don't need either too much in their usual role as walking tin can of destruction.
Elves, on the other hand, get +2 dex, +2 cha, -2 con, because the dex didn't quite make up for con - and they always called pretty.
With the new balance, may I suggest the following mods:
Dwarves: +Con,Wis -Dex,Cha
Elves: +Dex,Int,Cha -Con (the Cha could be in addition or instead of the Unnatural Beauty
Half-elves: +Any, Cha. Yes, give those poor guys the elven cha bonus. The mix of elven grace and human... "robustness" could make for some charming people. I also see they have lost their diplomacy bonus, and I always thought they could use a little something extra.
On the other hand, the +Any is already not bad.
Half-orc: +Str,Wis -Int,Cha. A strength bonus is nothing to sneeze at, and the cha won't hurt them that much.
Favoured Class:
I like this rule better than the original, but I wouldn't mind if the favoured class rule would go the way of the elephant bird. It was always a bit stifling - especially if you use other classes (one of PFRPG's goals, for me at least, is to be able to keep using all the 3e books, like Complete Whatever), the number of classes that won't grant you that extra HP gets higher and higher.
But of course, all it amounts to is an extra feat (toughness)
Weapon familiarity:
Finally, D&D core rules that properly implement the rules. No longer "you need a feat for weapon familiarity if we didn't put a weapon into the core rules for your race".
By the way, will we see racial weapons for all of them? Some kind of bow and/or blade for elves, a nice sling for halflings, gnomes with something feyish...
Dwarves:
I like it, with the possible exception of the ability mods, like I said above.
Greed: It's official now :D And with the new skill rules, this sort of thing makes sense
I like how everything is named. You can call things my name now.
Elves:
See above for abilities.
One thing I personally do is give elves +2 for all will saves against spells, so you don't have to look up the school. Makes things easier.
Elven Magic: Very good. Instead of changing the elves flavour, change the rules to support the classical flavour (elves are magic).
Unnatural Beauty: While I like it, the cha think could work, too. Or both. Will help ban the old "we like to hate elves" prejudice.
Maybe add something about art and/or the elven tendency to take decades to perfect some art. Make them proficient with one craft, profession or perform skill or something.
Gnomes:
I like the Obsessive part.
As for the spell-like abilities: My gnomes get speak with animals always active. It would fit here, too, since they're so close to the fey, which are close to nature, which is close to animals.
They might also get the AC bonus (or a smaller one) against creatures of at least large size in general.
Half-Orcs:
See above for the abilities.
Like the ferocity. They have little else, so maybe the abilities might fit.
Halflings:
What's with the abyssal?
Humans:
I'd add one thing: Weapon familiarity. They're proficient with any one weapon. Or treat one exotic weapon as martial instead.
Thoughts? Additions? Hateful Rants?
One thing I didn't like - as a holdover from 3(.5)E - is the fact that Dwarves gain a dodge bonus against monsters "of the giant type". That's fine from a cultural background POV, but leads to the situation that either the DM must always remember the bonus or the players continually asking if the monster they are fighting right now is of the giant type.
Suggestion: Make it a flat +2 bonus vs. large opponents. That way, you can still explain "where it's coming from" (e.g., dwarven history of fighting people larger than them), but it's not as much of a hassle in actual play.
I really like the PF-Alpha "Races" section. Like KaeYoss, I think the new Weapon Familiarity abilities and the new ability names are great ideas. I do have one question: Why the change to the gnome's caster level for his spell-like abilities? By making this change, the gnome would be the only race that has an ability that improves as levels are gained. Just curious.
Either my musings about giants have been eaten or I posted them somewhere else.
Anyway, I'd like to say that the Giant type should be done away with. Make it a subtype - at best. Right now, giant just means giant humanoid or monstrous humanoid. Cut out the middleman and make them humanoids, or monstrous humanoids in cases, with the giant subtype. An ogre would ge a large humanoid (giant), a troll would be a monstrous humanoid (giant) - if we need that for troll at all.