I think the Orcs could do with losing there TPA/WPA penalty, with the other races getting a boost in that area is a penalty to the orcs within itself, give them higher off losses instead. With the way the can use credits and the possability of winning 5EPA at the end of a war is enough of a compensation for this as well.
I like halfers altho I doubt i'll go them as they are, there leets are super, taking NW into account. 6 def points for 5.75NW is better than any other race.
I feel sorry for elves, those leets are horrable, so NW heavy, Will anyone actually use those pathetic leets? Lower the NW of them to 5.5 IMO, still not good enough to use as a full leet army (dSpecs still better NW value) but at least a 100% spec army wont be more powerful for your NW.
Humans I would like to see as they are, leets kinda sucky but it works IMO with the bonuses they'll have.
Undeads look good to me as well, also Avians are nice.
Faes look over powered in the TM field but they are pure TMs so... it works for me, for me it gives more importance in WT due to there capability to auto fail and thats nice. They're not hard to take out with teamwork either.
poor dwarfs as well, they need some love. Lose the -BE and give them something else instead... maybe double dragon losses?