At last we have full disclosure on the racial abilities for Blood Elf and Draenei priests come the expansion -- or at least unconfirmed rumor from beta testers on the World of Raids forums. I am somewhat disappointed, though, having hoped the addition of new priest-available races would give Blizzard an opportunity to equalize the racial abilities across the factions -- as currently the Dwarf's Fear Ward ability makes some difficult raid encounters much simpler. So when it was announced that priests would have one old and one new racial ability, I had hoped to see a horde priest with Fear Ward. But instead, Blood Elves will receive Touch of Weakness (not a bad self-buff for soloing or PvPing) and the Draenei will receive Fear Ward (no explanation required). Well, perhaps we'll see fewer raid encounters in the future in which fear plays a large part.
Update: Eyonix responds to the issue of racial abilities by saying (among other things), "there will be new ways (for both factions) to remove and/or prevent fear in the Burning Crusade. So, in short -- lay down that crutch, you don't need it anymore."