Methinks the brilliant new idea is the realm of sci-fi. Fantasy is retrospective romanticism. New interpretations of old stuff. It's seems best when grounded in the vaguely familiar. And as time moves on new fantasy is born. I'd suggest that the newer novels and games revolving around the steam era and wild west era are essentially fantasy.

I think race is too misleading a word, not from the viewpoint that it's really species, but that what one really means are new and interesting cultures to play. That's why it doesn't matter to me if the only species available to play is human, as long as there are multiple cultures to play. And frankly the differences between cowboys and indians, spanish conquistadors and pilgrims, stygians and cimmerians, are probably as interesting and fun as trolls and orcs, or artichokes and pineapples.

Of course the best games have dozens of different elf cultures. :-P