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I wouldn't mind the idea of new races being playable, though I know it would be quite taxing for the development team, and it would likely involves several drawbacks in terms of the games story direction and/or choices. They could do it, but you're likely to have more linearity in terms of the games direction. Plus, you should also consider the amount of VA that would be needed and the amount of space that audio files take up on a disk.
What could be another approach is that we still play a human character, but the amount of customization into your characters background, gameplay development, and persona is far more broad than in the previous games. For instance in terms of gameplay, when you choose your class you can branch out into the varying archetypes that we are familiar with in MP. So if you're a Soldier class you can choose to be a Destroyer, with all the various abilities and more that go with it.