My opinions;

When killing dragons races spec value have to be taken into consideration. A 6 def spec should do 6 damage, not 5. Fae's off spec should do 4.

RACES

Avian; remove vermin (makes little sense or use), add a little extra (like -25% attack time, or slightly cheaper elite).

Dwarf; still a little weak, give them +20% BE.

Elves; remove nightmare, but give them some more spells to play with.

Faery; for a TM race only it looks good. If you want someone to consider them for A/M etc, change off spec penalty to +20% offensive losses or something similar, not completely ruining their hybrid role.

Halflings; seems a bit weak. Give them Vermin and Aggression back at least. First makes sense, the second does not, but give the soldiers+aggression strat merit.

Humans; a little weak all rounder. +15% Pop should go a long way to help.

Orcs; remove Reflect Magic OR switch to -25% TPA and WPA OR +25% Damage from Instant Spell Damage and Sabotage Damage.

Undead; give them back Nightmare and reduce sci penalty to -15% or something.

PERSONALITIES

Merchant; perfect.

The Sage; a little weak, needs a small boost. Give them back the free science from land OR reduced book costs, or something else.

The Rogue; perfect.

The Mystic; good, though it seems slightly stronger than Rogue, and I think those two should be balanced.

The Warrior; like it.

The Tactitian; if you make Orcs a little less powerful, I don't think this personality is too OP. Orc/Tact looks a bit too strong atm.

The Cleric; a small generic bonus might make this a little more exciting. How about a small BR bonus.

The War Hero; too weak. Give him -50% losses from Ambush or something similar that fits.