As for balance, a points based system like the one used in Dominions to make the Pretender would work nicely for stats.
As for models I am sure many folks will put out great stuff, and the base options will be thought out by the devs well, I hope.
One of the things I liked so much in Dom was there were negative traits that gave some points back to spend.
It would be great if we could see something like:
Stats All Races start at a base, if we are using a percentile system, All would start at say 40.
These could be adjusted to increase and lower stats.
In the Traits, you could have some like:
Add 5 to any Stat
Add 10 to Any Stat
Doing it this way insures that the BASE is set, and keeps one from breaking the system, if you allowed one to sell off stats you might get to a place where an unbalanced horde could be made, as the math breaks down.
I have seen that in many point based Wargames.
So the traits would have things like
Aquatic: Full Speed in and Over Lakes and Rivers
Natural Mages: Added Spell Points
Two Races: This is used to show two groups that work as one race but differ greatly, Orcs and Goblins for instance.
You would create 2 Base Races, then populate the Army list with 20 Chosen from one or the other.
Also works for a Race that uses Summoned or Created Creatures to fight for it, and Necromancers.
And things like that, then add the Half and Half Traits things that have both a positive and a negative.
The nice things about these if the effect is not 100% Balanced it can set to cost or grant a number of points to balance it.
Cold Blooded: Speed Reduced in Cold Climates, Heat Effects Reduced including environs
Small : Race is Halve the size of most races, STR Max is 30, All Ranged Projectiles have a lesser chance of hitting, and Sneak is improved by 10 points. (This Trait would cost points as it gives more than it takes)
Then of course the Negative traits that add flavor, make the race special and of course gives you more points to spend.
Type of attack, Cold, Heat, and so on Does Extra Damage.
Another point I would add is to have the player Create the Base Normal for that Race, then have a number of Unit Types that can be made.
Then in the traits you can have things like Well Trained, Elite and so on that lets some units start with some extra stat points as these can show those people, monsters or things that push the Race's Limit.
So you would Set your base Stats, and Pick some Racial Traits. Perhaps even Racial Weapons. Each Choice will Cost points or Give some back.
Then you could design up to say 20 units, these can be trained in various skills and abilities, but no unit can exceed a Racial Max, (15 Points higher than race base or so).
Just some thoughts on it, cannot wait to see what the Devs actually do.