Yeah, you could probably bash out a list of pros and cons for each race. Here's some possible ideas:
Humans: Like in all games, humans would be the average, middle of the lane guys who can do everything, although not particularly well. It would be possible for them to live underground, but they would become stressed if they did this for too long. They wouldn't be as good at mining as dwarves and their lifespans would be relatively short compared to dwarves and elves. You would also possibly have to build structures above ground, as humans would get tired of walking around bent double in dark and dingy tunnels. Humans however would have a size advantage on dwarves, without the weapon restrictuions of the elves. They would also be better at trading, perhaps even convincing incoming caravans to trade at a loss through bartering.
Elves: Have some very serious disadvantages, the most obvious being the shunning of metal. Wouldn't be able to live underground (ie build buildings underground) at all (or maybe even be unable to mine, since they never really use stone or metal anyway). Instead of cutting trees they would "coppice" them, extracting a log but leaving a stump that would gradually regrow a tree. Wild animals would not be agressive to elves, and elves would be able to train almost any animal.
Dwarves: Comon, you know what these are, right? Advantages to other races are basically the ability to live underground fairly uninhibited and better mining skills.
Goblins: Many disadvantages, including no ability to farm, but they are very geared to war, and thus goblin soldiers can still perform civilian activities (and vice versa). They would excel at weapon making. One of their primary advantages would be the fact that goblins are far more resiliant than other races, and would not become melancholy, berserk or insane as easily. In addition, if a goblin died a true warrior death, their relatives wouldn't mind so much, and their soldier team mates may even get a boost from that goblin's noble sacrifice (basically tantrum spirals would be far rarer in a goblin tower).
Kobolds: Small. Rubbish at fighting. Limited and primitive technology. These are some of the disadvantages that could affect kobolds. However, kobolds could be faster and excellent at sneaking, even civilian kobolds. You could also surprise and ambush enemy attacks, potentially deadly with a squad of archers. Thief missions to other races are another possibility, and you could tell thieves what you want them to bring back. Kobolds would also breed much, much faster than any other race.
Anyway, just possible ways of balancing the races.