'Race' of item
 

Does the race of an item matter? Ex: Deciding on buying a bow that will help with the attack of archers that shoot projectiles - but the race is listed as Elven. Does this mean it only helps elven archers? Morale issues with dwarves?

For some artifacts race matters (see the description of the item). In your case the bow increases attack of all bowmen (human, elf, undead).

Good deal. Thanks for the quick response.

Well... I noticed that when suppressing / upgrading an item, the race determines:
1. The appearance of the fighting arena. (aka, flavor that does not impact the actual game play).
2. The units it will has (aka, human items have arch mages, elven have druids... etc)