Of course, some abilities are pretty strictly defined by the races themselves, so not everything could be pick and choose -- Gift of the Naaru and Will of the Forsaken would have to stick with Draenei and Undead, respectively (they'd have to stay Racial traits, not personal ones). But abilities like Endurance and Quickness are so insignificant in the bigger picture of things that it would be nice to customize your character a little bit more -- match it up to your style of play rather than just want race you'd like to be. Character creation is quickly becoming the one thing in the game that's stayed exactly the same since launch, and for many reasons, from RP to theorycrafting, players would really get a kick out of customizing their characters that little bit more.
As Mike told us, each character has their own personal background and insights, so why shouldn't each individual character have their own personal traits to shine in? It's a little late for Wrath, of course, but it's something to think about in the future -- if Pets get their own choices about their strengths, why shouldn't the different ingame races?