If you are planning any sort of Fantasy based game for GURPS, this book is a must. Not only does it present the classic races of elves, dwarves, gnomes, orc, halflings, and various others, but also gives them character more so than any other game I have found. Each race is given at least 2 to 3 pages of text, and that doesnt include the game mechanics. Also, because of the GURPS system, it is easy to modify and change the existing races for your personal games.
Also, their is a section on creating your own races for your game, which proves invaluable to any game master wanting to put in his own ideas. This is an award winning book, and a quick look through its pages will show you why.