Depends on what you wanna do end-game. Undead have an insane pvp racial, and orcs have the best pve buff. IMO undead are a lot easier with cannibalize to reduce downtime and underwater breathing which is more for convenience on underwater quests. Blood elf racials are okay, the best being the aoe silence and trolls racial aren't all that great.
But go with w/e you like looking at best, because you'll be staring at it for 70 levels.
Edited for grammatical issues.
Edited, Jan 25th 2008 9:56pm by borzan