I don't really understand how this is even a topic for debate. Felyn uses language like "overpowered" when referring to g/e bonuses and "equals" when referring to different races of the same classes, but I see the racial traits as being wholly appropriate, mostly balanced, and undeniably logical.
First, from a roleplay aspect, they make sense. Gnomes are wiry, jittery, brilliant folk with a knack for reading, solving riddles, and building gadgets. It makes sense that while they would be easily frightened and manipulated, if there was an enhancement to an item, they would understand more than any other race how to utilize it to it's full potential. Erudites, meanwhile, are born into a society that revolves entirely around arcane and heretical magics. While other races are busy fighting territorial disputes, concerning themselves with do-gooding and exploration, the Erudites are studying and practicing. Of course, even if they can't learn a skill the fastest, their massive intellects allow them to utilize a new skill to it's fullest. The racial abilities of every class could be explained by looking at physiology and mentality, but obviously the roleplay perspective isn't enough.
Second, racial differences go far beyond the racial traits in a manner I would consider to be imbalanced. Simply manipulating the racial traits without viewing races as totally objective bodies would be neglectful. We can talk about non g/e casters all we like, but in exchange for bonuses as casters, as other classes they are pitifully uncomparable. If we're going to take away the foci bonus from a gnome shadowknight, let's make him also immune to stun from the front like an ogre, with the hp regen of an iksar, and the innate stamina bonus of a troll, and while we're at it, let's just give everybody forage. Before we can balance out the race/class combinations, we've got to balance the races overall, or the whole thing is going to be damned, and some race/class combos will be considered too deficient to be acceptable. As far as I can tell, people are clearly playing the races they choose for no other reason than "that's what they want to play." No person can fill every job, in the same way not every race can fill every class. The end result is that some races will excel at some classes moreso than others.
Third, every player gets to choose their race and class when they create their character. Nobody is forced into choosing a particular race which could be interpreted (and people get creative) as weaker than another race in particular situations. The distinctions between races is what makes them unique in the first place, even if those distinctions don't result in hitting or nuking harder in the late game. People need to do their research, and stop thinking of the "bonus" as "the standard." A high elf, regardless of how he's geared, will never be an erudite (unless it's just an illusion); Why do people think that a high elf wizard should somehow magically be the same as an erudite wizard?