If it's the second, I think it would be awesome to have a starcraft-like story, where players play each race in sequence, in a weaving plot that follows the story of the different races from a different perspective. Starcraft and warcraft 3 do this awesomely, also following the stories of the main characters ("heroes") as they evolve and relate to one another.
We could also have a rabbit infected with wolf blood that becomes a hybrid like Sarah Kerrigan
![Razz :P](./images/smilies/icon_razz.gif)
Turner the Rabid Rabbit FTW! XD