Hmm…not sure if I have a favorite race. I DM more than I play, for one thing. Plus, I like to draw from real-world myth and folklore more than the "standard D&D" setting, so my take on elves and such is often different. My google name is taken from a grey elf PC I had, so I guess I like elves with a noticeable faerie element.
I'm a big fan of settings that define races differently, or have very specific race selection to fit a theme. The "kitchen sink" of races in 3E and 4E sometimes bugs me.