I don't mind the traditional races much. They're like any cliche, they don't really have impact. The author says "elf" and my mind slaps a whole catalogue of traits onto them and we go on. Traditional races, for me, are elves, dwarves, and possibly halflings.
I don't mind new, as long as the author doesn't seem like he's trying too hard. "Um... they're um... people made entirely of... like... salt. Yeah. That's new, right? RIGHT?!" Make them even semi-logical to the setting and I'll play along.
I really, really hate "they have pointy ears and live really long and are big into nature and are great archers and are called re'faji." No, they're elves. Don't do this. Don't ever do this. If you do this and we meet, I will fling things at you. Possibly only invective, what with me not wanting a battery charge, but nonetheless the hatred will be there.