John Wilkins has an excellent linky post on the subject of race. My position on the issue is Richard Lewontin’s (seen here in a RealAudio lecture by Richard Lewontin), and more succinctly stated by Wilkins:
So, do I think there are races in biology as well as culture? No. Nothing I have seen indicates that humans nicely group into distinct populations of less than the 54 found by Feldman’s group (probably a lot more – for instance, Papua New Guinea is not represented in their sample set). And this leads us to the paper by the Human Race and Ethnicity Working Group (rare to see a paper that doesn’t list all the authors). They rightly observe that while there are continental differences in genetics, there is no hard division, and genetic variation doesn’t match up with cultural differences per se. There is a genetic substructure to the human population, but it isn’t racial.