Personally, I'd love to see increases to Health, Magicka, and Stamina (as well as their corresponding regeneration values) go away completely, instead being taken up by the Champion Point system and gear itemization. The same goes for increases to Weapon and Spell crit/damage, Elemental damage, and Physical/Spell resist values.

Here's what I'd like to see put in the place of each of the Racial Passive, working your way down from 1 to 4 (top to bottom on the character sheet):

Passive One: I actually like the experience boost to certain weapon/armor skill lines. Those are fun and fit the lore, so they should stay. The second part of the passives are nice and lore friendly as well, although I think the percentages could stand to be increased in some cases, but that's just a minor quibble. The ONLY one I would change is the Bosmer fall damage reduction. I think this passive should be rolled into either the Legerdemain or Thieves' Guild skill lines.

Passive Two: This one should be a resistance to a single damage type within the game, and many of the races already have this one in place. This should come with an immunity to the corresponding status effect (Chilled for Frost Resistance, Concussed for Shock, etc).

Passive Three: For this one, I'd like to see something purely for fun and convenience. I am NOT advocating for quality-of-life upgrades (like bag space, etc.). I'm talking more along the lines of some of the passives we saw in other Elder Scrolls games.

For instance, I'd LOVE to see the Khajiit's Night Eye ability make a comeback. We have portions of the game where the screen goes monochrome (I'm thinking of the drinking quest in The Rift where you get a green screen). It could function like a memento and allow Khajiit players to more easily navigate some of the more low-light areas of the game.

Another one I miss is the Imperials' facility with Speechcraft. I think a PERFECT place for this would be the in-game conversations where you have to pay gold to progress the dialogue. For Imperials, these costs could be either drastically reduced or eliminated altogether.

Passive Four: This is where they could keep some of the major stat boosts, like the Argonians' Resourceful passive, Stealthy for Bosmer, Adrenaline Rush for Redguards, and the Rugged passive for Nords, just to name a few. Obviously, I'd want tweaks to these (and even morphs so both Magicka and Stamina characters could benefit).

And Finally, Racal Ultimates: This is where the racial passives could really shine. I know in an early iteration of the game, they were floating the idea, but it never took off. However, with the introduction of weapon ultimates, I don't see why this couldn't work, and work well.

This could be a place where ZOS really goes all-in on the lore around what makes each race unique. You could give Nords a war cry of some sort (maybe even mimic the Thu'um for some Skyrim fan service), Bretons could get a proper Dragon Skin, Orcs a proper Berserker Rage, and Dunmer a serious flame shield or personal flame aura. Heck, Bosmer could even exploit their connection to Y'ffre for a nice beast summon of some sort.

Anyway, them's my two Septims on the matter. Can't wait to see what we find out later in the afternoon!