I'll allow for certain beast-like humanoids, like lycans (werewolves, werebears, etc) who look aptly like ferocious, wild, and carnivorous manhunters. They tie into human middle-ages mythology with humans who took the form of beasts, prowling the urban cityscape or stories about how the village blacksmith would turn into a beast at night and kill visitors at the outskirts of a very secluded village arriving late at night. Scary stuff, provided that lycanthropy is treated as an affliction or disease rather than as a 'playable race'. I can't really fathom a family of animorphic werewolves, much less a race. They should be monsterous, first and foremost, and not some domesticated race. I prefer to think of werewolves as paranoid, solitary hunters of the night, tortured souls who are afflicted by a condition they can't get rid of. It's nice, too, if their animorphic memories are tainted by the passage of sleep - so when they wake up naked in the woods they'll only remember their actions as if it were a dream.
I don't mind lizardmen either, because Babylonian mythology is full of those. But again, I don't see them as playable races. I can't relate to amphibians.
Egyptian mythological animorphic creatures were, with all things considered, monsterous. That's how I'd conceive them into a game world if it had anything to do with Egyptian mythology.
The furry cat people of Morrowind are a sterling example of what's completely retarded.