It would seem the new race is out

According to Gamespot, its the Draenei afterall.

For months, rumors have swirled about the identity of the new playable race of the Alliance, one of two factions in the wildly popular massively multiplayer game, World of Warcraft. They began when WOW publisher Blizzard announced the first expansion for the game, The Burning Crusade, would introduce the Blood Elves as a new race for the game’s other faction, the Horde.

There you have it. (Thanks to Cameron for the update.)

UPDATE: More on Andrew’s blog.