While I agree "werewolf" shouldn't be a choosable race, it might be cool to code generic lycanthropy as a condition that could be imposed on a given character. Of course it would have advantages and disadvantages.

Advantages:

1. Improved hp/mv regen all the time.
2. Improved senses. Maybe something like lifesense.
3. When in lycanthrope mode:
3a. Super-improved hp/mv regen.
3b. Haste-like effect in combat. Maybe offense-only.
3c. Animal-like inherents (hamstring, bite, etc.)
3d. Lycanthope skillset regardless of original class. Combat oriented, but without any of the fancy stuff.

Disadvantages:

1. Silver vuln at all times.
2. At night during the full moon forced to assume lycanthrope mode. When in lycanthrope mode:
2a. Unable to speak, cast, commune or sing.
2b. Unable to sleep.
2c. Unable to purchase items in town shops.
2d. Possibly unable to use town healers.
3. Considered "unnatural" by all characters who care about that sort of thing.

I'm envisioning something like when Karithia contracted vampirism.