Various official and semi-official sources state that the choice of sovereign's race is purely cosmetic.  I just want to point out that this is NOT true.

Most obviously, the sovereign's race determines the equipment it can choose at the creation.  What's less obvious, and potentially more important, is that there are many weapons that can only be equipped by certain races.

For example, if you're a Trog and you buy a Journeyman's cloak, the item won't even show up on the equip screen, even though it's in your inventory.

There's nothing in the game that indicates an item's equipability, and it contradicts all official sources, so I think this should be considered a bug.