I’m trying to find more information, but a post on the forums indicates Goblins at the tier IV race upgrade can choose to produce Trolls. THAT is amazing. I really like Goblins already, so this may push them into my favorite race. I’ve asked the guys on the forums where that information is coming from, if there is a master list of what races get what at various levels, I’d love to spend today at work pouring through that information.
I was having a debate (of sorts) with Shiva X last night, he still feels the races aren’t set apart enough, while I very much disagree. Sure, the new ones may seem flashier than the existing races (inarguably - they will be flasher, they are newer for one thing!) but to me each race has specific advantages and draw backs. Goblins, for instance, grow cities faster, are cheaper, and produce one of the best tier 1 ranged units in the game! They deal poison damage, so hit high elves (who have a weakness to poison) especially hard. They have lower health though than other units and are a bit fragile, but they also have cave crawling and night vision so they work good underground, and no other race actively enjoys being in Wetlands. The units themselves are fun, too - a Rogue Assassin plays very differently than a Dwarf Assassin, for instance, and can deal additional poison damage (in fact, Goblin Assassin’s are the highest damage dealing Assassin combination, at least until the expansion drops (not sure after that)).
Race information can be found here - http://age-of-wonders-3.wikia.com/wiki/Races
Some neat stuff there I never knew about. For instance, Halflings have a ranged physical damage bonus, like elves! Also, elves get a bonus to lightning damage, but only when that becomes an available damage channel (such as in the case of high elf apprentices, or storm sisters, or a high elf manticore (which also gains “inflict stun” making them one of the most desired combinations for Warlord players).
The race upgrades further distinguish all the races, hopefully I can post some more information on that yet today, if I find out myself.