Racials are definitely not going away, as evidenced by Bliizard's announcement of the (strong IMO) racials for Worgen and Goblins. The best we can hope for is getting them balanced.

Aside from the human racial, if they are going to put a cooldown on WotF, then they should be doing the same to Escape Artist as well. Comparing them with each other:

(T) = requires talent points spent

Currently WotF is effective against 4 classes:
Warriors - Intimidating Shout
Warlocks - Fear, Howl Of Terror, Seduction
Priests - Psychic Scream, Mind Control
Hunters - Wyvern Sting (T)

Currently Escape Artist is effective against 9 classes:
Druids: Entangling Roots, Feral Charge (T)
Mages: Frost Nova, Slow (T), Cone Of Cold, Frost Bolt, Blast Wave (T), Improved Blizzard (T)
Hunters: Wing Clip, Frost Trap, Concussive Shot, Counter Attack (T)
Death Knight: Frost Fever (T), Chains of Ice
Priests: Mind Flay
Rogue: Crippling Poison, Deadly Throw
Shaman: Frost Shock, Earthbind Totem
Warlock: Curse of Exhaustion (T)
Warriors - Hamstring, Piercing Howl, Improved Thunder Clap (T)

Cheers,
S.