So, I've saved enough brownie points to trade them in for an Egomaniacal Rant!
That said, I'm going to try to make this educational.
I've noticed that practically every new builder lately is posting builds as Drow. The appeal of Drow is pretty obvious: They have a virtual 32 points, and can more easily start at 18 or 20 in some stats that seem pretty important. But look closer and the story changes. I've mapped out probably over 100 builds on paper (or spreadsheet), and in so doing, I've very rarely found that one was optimal as a Drow, even compared to a 28-point alternative. (My discussion here is mainly about that 28-point alternative, although obviously when you have 32 points for all the other races that makes Drow even relatively less appealing.)
Before I move on to further Drow-bashing, let me list the (only) two general build categories for which Drow is the optimal choice.
1) All-out-control arcane. This can be a Wizard, Sorcerer, or Bard. If you want to land the most devastating control spells as your main tactic, then every point of DC matters. Such a build must start with INT or CHA at 20 -- if you don't choose to do that then you aren't all-out-control and you should pick a different race. Personally, I would never play such a build due to its uber-squishiness, but it absolutely is an optimal build for its goals.
2) Finesse Intimitank. If you aren't Finesse, then go Dwarf or Warforged. And you aren't intimidating, then go Halfling. But if you insist on Finesse AND Intimitanking, then Drow is likely to be the way to go. I think most people would consider this to be a Bad Build(TM), but actually I strongly disagree. One of my favorite characters is my Drow Rogue Intimitank (linked below) and I've been working with a guildmate on a Paladin-based Finesse Intimitank that is working out great so far.
EDIT 2009/10/08: This thread turned out more fun than I expected, and some posters have convinced me that there is another build for which Drow is an optimal choice, depending on exactly what you value most. (The other choice is Human -- better in some ways, worse in others.)
3) all-out DPS Paladin 20. Here the Drow can reach Divine Might IV (with a good Tome) without having to gimp other stats.
Below this point, everything I say should be considered to end with "unless you are making one of the above three builds."
Now let me try to explain why Drow are not the best choice for most builds. Firstly, let's look at a high level. There are really very few builds that require a good DEX, INT, and CHA, so typically at least one of those bonuses is offering almost nothing. Meanwhile, there are NO builds that can comfortably dump CON, so the penalty on that stat is quite painful. Essentially, Dwarf and Warforged have 6 more points of CON than Drow do, often allowing them to make up other stat deficiencies.
In addition, starting stats are not the real story of a build. What matters is where you can get on things like DPS, AC, saves, hit points, self-healing, etc. -- the stats that directly effectly the game. Underlying attributes help, of course, but should never be the final judge of what race to pick.
Next, the Drow's racial abilities and enhancements are mostly pretty lame. The additional damage on Rapiers is almost certainly the best one, but Dwarf and Elf also have racial weapon bonuses, and WF can apply +3 (PA enh) and Halfling can apply +8 Sneak-Attack to *any* weapon.
Spell resistance is quite nice at low levels, but eventually is superceded by much better buffs from a Cleric.
So now I'll look at a few common build types:
Bards. I list this first, because I think it's the single biggest misimpression about Drow. What it comes down to is: Meleeing Bards desperately need CON (it's nearly impossible to have good AC as a Bard) and generalist Bards desperately need feats. Also, Bards have no use whatsoever for INT, and usually can't benefit much from an extreme DEX. All-in-all, it's a pretty poor fit for a Drow (ok, one time I'm gonna explicitly say: unless you are making one of the above three builds -- now please remember it is implied hereafter!) If you're making a high-DPS Bard, go with Dwarf or Halfling (or even WF). If you're making a generalist pure-Bard, go with Human. PLEASE don't plan to run into the fray with your no-AC-havin' Bard with a starting CON of 8...
Arcanes. For arcanes, CON is usually the second most important stat. In fact, while your casting must be GOOD, the relative benefit of the last few points of CON may actually exceed the relative benefit of the last few points of INT or CHA. A caster who is alive can cast more spell than one with more spell points... It's not really feasible to have good AC, so you need HP to give yourself enough cushion to avoid being regularly one-shotted -- in this game it is impossible to avoid ALL aggro. So the CON penalty alone makes Drow a poor choice. Then add in the fact that Warforged arcanes can self-Reconstruct, and the choice of race gets pretty obvious. Yeah, WF Sorcs take it on the chin on CHA. And, yeah, WF Sorcs hold most of the game's most impressive soloing feats...
DPS builds (not focused on sneak attack). Here again the CON penalty is a huge liability, since a pure DPS build has (at best) marginal AC and will have aggro very frequently. This makes HP mandatory. In addition, Warforged have significant advantages for DPSing -- notably the ability to add +3 damage (PA enh) to the game's best one-handed weapon (Khopesh) and the ability to increase glancing blow chances on THF. In some cases a Dwarf may be slightly better because of AC-in-armor enhancements, and in some cases a Human may be slightly better when an extra feat is desperately needed.
sneak-attack DPS builds. Here, Halfling is a slam-dunk. Regardless of STR-based vs. DEX-based, you'll simply deal more Sneak Attack damage as a Halfling. Oh, and you'll also have better AC and saves than any other race.
Armored tanks. This one is so obvious that I really haven't seen anybody post anything except Warforged, Dwarves, and Humans, so I think I'll leave it alone.
Unarmored tanks. Thanks to the Monk splash, it's quite possible to tank without armor these days. If you're willing to rely entirely on hate bonuses (fingers crossed they fix them!!), then Halfling is a great choice here -- it has that highest AC and save potential in the game. If you plan to Intimidate, though, then Halfling's 4-point penalty is a little rough. And Warforged brings some pretty major tanking benefits, including immunites, DR, great AC without using nearly as many slots, and just generally looking like a tank .
Pure trap-monkey. Ok, I admit the Drow is the optimal choice for this build. BUT this build is inherently suboptimal. There is no important situation in the game where a pure trap-monkey build is better than a Rogue who specializes in something else (most likely DPS) and puts a reasonable investment into trap skills. If you don't believe me on this, ask some power gamers (and then cover your ears...)
Cleric. I don't think I've seen too many folks trying out Drow for their Clerics, since most Clerics have no need for DEX or INT, and only marginal need for CHA, whereas CON is quite useful. So no need for myth-busting on this one.
OK! Thanks for letting me get that off my chest...