Humans
Humans make more money, and are a well rounded race.  If you only log in once a day, want to lead a well rounded race, then this race might be for you. The downside to this race is its elite.

ADVANTAGES
+10% income                             It helps, and money is very important.
+1 vote for president               This is useless, you get 1 extra vote.
-10% learning costs                 Science is a bit cheaper, not a big bonus, but it helps.
DISADVANTAGES
-10% thievery effectiveness   This is not as bad as it sounds.  You have the same chance of succeeding, and
                                                    defeating a thievery  mission, but get 10% less for your efforts    ex: instead of
                                                    bringing home 200 gc, you get 180 gc.

Military

Name	Cost	Offensive Strength	Defensive Strength	Notes
Soldier	150	1	1	average price
Offensive Specialist	200	3	0	average price
Defensive Specialist	200	0	3	average price
Elite	900	5	4	cheap, but ineffective

There specialists are cheap, and the elite is cheap.  However, the elite is not very powerful.
 

Elves
This is another jack of all trades race, sort of.  There good if you log on once or twice a day. They excel at magic and thievery, but are mediocre at war.  There elite is not the best, but its not that bad either.

ADVANTAGES
-10% spell costs                        Magic spells cost less runes.  Not huge, but it helps.
-15% military losses                You lose less military in each battle, this is a big help, and one of the most important
                                                    advantages for an elf.
-10% learning costs                 Science is a bit cheaper, not a big bonus, but it helps.
+20% thievery effectiveness   This is a great advantage.  You have the same chance of succeeding, and defeating a
                                                    thievery mission, but get 20% more for your efforts    ex: instead of bringing home
                                                    200 gc, you get 240 gc.
DISADVANTAGES
-1 general                                  This forces you to attack larger enemies to keep up land wise.  This is what majorly hurts
                                                    an elf's military.
 

Military

Name	Cost	Offensive Strength	Defensive Strength	Notes
Soldier	150	1	1	average price
Offensive Specialist	250	3	0	above average price
Defensive Specialist	200	0	3	average price
Elite	800	3	6	good at defense, lacking in offense

There offensive specialist is a bit more expensive than most, and the elite is more defensive oriented, making the elves a defensive race.

Dwarfs
This is a military race.  They have a balanced military and elite.  Good race if you log on twice a day.  Can be mediocre in magic and thievery though.

ADVANTAGES
-20% Construction Time      This makes your buildings build faster.  It helps you get an early lead in the start of the
                                                   game.
-10% Attack Time                 One of the best advantages.  Allows them to make 2 attacks one day.
+1 general                              This helps too.  You can attack smaller targets and get the same gains, because you can
                                                attack 1 more time than other races.
DISADVANTAGES
+15% Spell Costs                 This hurts, but not much.  Just plunder a bit more for more runes.
 

Military
 

Name	Cost	Offensive Strength	Defensive Strength	Notes
Soldier	150	1	1	average price
Offensive Specialist	200	3	0	average price
Defensive Specialist	250	0	3	above average price
Elite	1000	6	6	best & most expensive elite

There elite is great, but expensive.  And there defensive specialist is a bit more, but all in all the dwarfs are a balanced military power, and a powerful one.
 

Orcs
This is a offensive military race.  They don't have the best defense, but there offense is a killer.  Especially with there offensive elite.  Also, be sure to be able to log in 3-4 times a day to make full use of there potential.

ADVANTAGES
-30% Attack Time             You can attack 3 times a day for land.  Big advantage.
+10% Max Population     More people to train into military.  More money to train military.  And less acres needed
                                            devoted to housing.

DISADVANTAGES
+35% Spell Costs             This assures you won't be casting many spells, this does hurt the orcish cause.
 

Military

Name	Cost	Offensive Strength	Defensive Strength	Notes
Soldier	150	1	1	average price
Offensive Specialist	200	3	0	average price
Defensive Specialist	200	0	3	average price
Elite	850	7	2	cheap and deadly offensive wise

The orc elite is offense oriented, but there defensive specialist is normal price, so your defense should be average.
 

Fairies
The fairies are good at defense, there elite is a killer in defense, and there magic and thievery is pretty good.  However, they stink at offense.  If you log in 1-2 a day, like to be well defended, then this race is for you.

ADVANTAGES
+20% Runes                          This is why there good at magic.  You need less towers for the same effect.
-15% Construction Time     This makes your buildings build faster.  It helps you get an early lead in the start of the
                                                game.
+15% Max Population          More people to train into military.  More money to train military.  And less acres needed
                                                devoted to housing.
DISADVANTAGES
none
 

Military

Name	Cost	Offensive Strength	Defensive Strength	Notes
Soldier	150	1	1	average price
Offensive Specialist	300	3	0	expensive
Defensive Specialist	200	0	3	average price
Elite	900	1	8	average price, defense

Your elite is extremely strong in defense making it almost unbreakable, but your offense is lacking and expensive.