OK, so we finally know what both the new races are. But one thing no one has mentioned (at least not to me) is what racial abilities there are and what each one has available to them class wise. the only one i know is that that Dranei can play Pally, and Blood Elfs have some sort of MP/Energy/Rage reccharge thing. I assume this is known information since the new races were playable at E3. Can anyone answer this?

Draenei's racials are actually really good. One is a self heal-over-time trait, which apparently doesn't work in combat but decreases downtime. The other is actually an aura that gives surrounding allies a greater hit chance.

Blood Elves I'm not sure of. But Galka's--erm, draenei's--look pretty sweet.

Bloodelves seemingly get an Aoe silence=+mana/rage/energy restore thing and + skill with the new jewelcraft or whatever tradeskill.

Draenei get the +15 to jewelcrafting, and Blood Elves get +15 to enchanting.

Both races have nice traits, yes, but it's furthering the Alliance = Easy PvE and Horde = Easy PvP mode. Since it's going to be highly unlikely that blood elves are gonna be able to run up to raid bosses as AoE silence them, but the move will completely dominate in PvP.

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whats jobs can each race play?

Whaaaaaa? Horde had half of their faction being able to soulstone themselves forever, lol.