As my friend TEF would say:
"the game's not even out yet and you expect me to give you spoilers?"
Don't worry, they'll be here someday...though not before I've played the game myself at least once! ;P
Alchemy seems to be exactly the same as in MM7
Spells have changed, but many of them are passed over from MM7, with some changes. There are still 9 Magic Schools, though:
Fire, Air, Water, Earth, Mind, Spirit, Body, Light, Dark. One main difference is that the last two are available right from the start (since you don't get to choose "paths" anyway).
Another note, which finally clarifies the "race skill" confusion (I only fully understood this part today after getting the game): it might be easier to think of "special abilities" as 3 extra magic shools, especially since they are accessible through your spellbook.
So you could consider this game as having the 4+3+2 schools of magic from the previous ones (total of 9) as well as 3 new "schools", which apply only to Dark Elf, Vampire and Dragon respectively. They are not really "magic schools" but this could be an easier way to understand them.
There are still 4 levels of expertise in each School (and also in the three "race schools"). These are, in ascending order: Normal, Expert, Master, Grandmaster.
In other words, you can become a GM Dark Elf, just like you can become a GM Swordsman or GM Air caster. The difference is that the Dark Elf (and the other two) "school" does not have as many spells (only 4, one per level, as opposed to 10 in the real "Magic Schools").
I hope I clarified things and not confused you even more! LOL :)
