What I mean is racial "us and them" mentality where the hero leads his people to triumph over the other race, who are obviously all evil.

Ahhh. Yeah, I'm not generally a big fan of that sort of story, unless they're really evil all the way, like Orcs.

If "jews" were to be in fantasy, I could actually see them as being more of a main character than some race in the background. Perhaps most authors just choose less original reasons for a hero to be downtrodden at birth than religious ones.

Absolutely.

Really, I think part of the problem is that what I think makes for a good story (original ideas, subtle characterisation, pluralistic and complex ethical boundaries(*)) is not what most fantasy authors are trying to write.

(*)*ponders why I still don't like a lot of fantasy which fits that description* Adds: "But not long and dull or depressing" :)