As race bonuses for Elves, I thought I'd do
Brothers in Arms - Elves are united, as a race, like none other. Elves can train squads (units with 4 warriors in) without building the prereq building in any city
Sworddancers - Elves are trained in the art of swordmanship from their births. Elves suffer only half the extra training time from training a unit with any type of sword.
True Dedication - When training higher quality units, elves not only gain the standard bonus to health, but such training also increases their dodge and accuracy by 1 for each quality level (0-1-2-3)
And Race Flaws
Hope Abandoned - When the forests of the world died, many elves slipped into melancholy. Elves may not build a Beacon of Hope.
Keepers - Elves extract materials from the world around them only with the greatest imaginable care. Elves produce 20% less materials in all Elven cities.