There aren't are completely gimp race/class combos in this game, like a Galka SMN or a Taru MNK. Obviously each race can only choose certain classes though, that's pretty much how it's divided.
Each race has different racial traits, but they're really just bonuses, and don't really directly affect what class you are anyway.
http://www.worldofwarcraft.com/info/rac ... uses.shtml
There's a small difference in stats I think but it doesn't add up like in FFXI. If one race has 3 more STR at level 1 they will have 3 more STR at level 60. I could be wrong on that though.