My answer, by its essential definition, is not an poll option. My favorite fantasy race is one I've never seen before. If there's one thing I can't stand it's how fantasy tends to shamelessly reuse the same five or so races. I'm sick of elves, I'm sick of dwarves, I'm sick of orcs, and I'm sick of dragons. I prefer it when the author invents their own races, or at least shows me one that's new to me. Khepri, for example. Anybody out there read Perdido Street Station? Khepri are a race of humanoids with the bodies of red-skinned humanoid women from the neck down, and a fully formed giant beetle for a head. The males of the species are just giant beetles. Suffice it to say, China Mieville is my hero.