I would give you every other race you listed except Blood Elves needing a buff to racials. Tons of people sleep on Arcane Torrent's potential, but I have no idea why. In PvE, it's a bit of an underrated godsend for Arcane mages, particularly come level 85 when we'll actually have to start paying attention to blue bars again. Even before 4.0 when mana was even less of an issue, on longer fights like LK it was nice to basically have a free mana pot on a 2 min cooldown. I've been working it into my Conservative Mana Usage rotation in preparation for Cata, and it's super nice to have one more tool in the kit.

In PvP, what's not to love about an AoE silence? I have a few warrior friends that race changed to Blood Elf on Tuesday as soon as they could. All in all, IMO Arcane Torrent fits that perfect niche where racials are concerned, it's not grossly overpowered like some of the others but it does have some really nice utility. I find myself missing it on my non-Blood Elves, probably more than I would a racial that's just a straight DPS increase.