Races
How to choose which race to use:
Assuming you know which class you want to create, only a certain number of races will be available for that class. I find the most important differences between each racial option are the traits you will someday get with that race.
Hobbit: gains a trait to "feign death" -- this trait lets you play dead when the battle is lost, resetting the enemies so you don't need to actually die. It is a great skill to have, especially for Minstrels.
Man: gains a trait "strength of morale" -- which refills your life by a huge amount.
Elf: gains a trait to "eldar's grace" to evade attacks for a short time. Also notable is their bonus damage with a bow and return to Rivendell traits.
Dwarf: nothing that good from what I've noticed.
Hobbit: gains a trait to "feign death" -- this trait lets you play dead when the battle is lost, resetting the enemies so you don't need to actually die. It is a great skill to have, especially for Minstrels.
Man: gains a trait "strength of morale" -- which refills your life by a huge amount.
Elf: gains a trait to "eldar's grace" to evade attacks for a short time. Also notable is their bonus damage with a bow and return to Rivendell traits.
Dwarf: nothing that good from what I've noticed.