That assessment is a little harsh perhaps, but it does give you an idea of the change in the way the races are depicted. Gnomes are no longer goofy, big-nosed guys. Halflings are no longer pot-bellied children, etc. Whether or not you like the new depictions will simply be a matter of personal taste. Racial Traits remain unchanged for the most part.
Elves still get a chance to spot secret doors.
Dwarves still get a bonus to their Constitution and a penalty to their Charisma. The mechanics are changed somewhat, but everything should be very familiar. Each race now also has a 'favored class'. This is the class that the race can use for multiclassing without incurring an experience point penalty. The races themselves are treated very generically.