I have both types of clerics in question.
One is a 14/2 elf cleric/monk, the other is a 16 dwarf with a ton of hp and sp.
Honestly, they both get the job done.
The dwarf has more offensive casting power because of higher spell pen, and more spell points.
The elf takes less damage than the dwarf because of high ac and evasion.
The dwarf has the hp to soak up more damage, but has to self heal a bit more than the elf.
They both heal well, although for raiding the elf is more expensive. With less sp for healing, offensive casting, and buffs, he uses more scrolls and drinks more manna pots than the dwarf. The dwarf rarely drinks manna pots. A halfing with the marks would most likely solve this problem. I decided to go elf in case they ever implement whirling steel strike. I would then respec him into a twf battle cleric dual wielding longswords.
The elf is also a pain in the butt to find gear for if you want to remain centered. No using the Lorikk's shield on a monk for example. Caster kamas are pretty rare as well, so the elf has to pull out a superior potency quarterstaff when needed to remain centered. The dwarf doesn't have to worry about any of these things.
I enjoy both of them, but do feel the dwarf is the more powerful character due to superior offensive casting. The elf is superior at melee, but only because I built him that way.