To get the first draft of a free, goblinoid-based variant of Swords & Wizardry, click over to Rob Griffin's blog Blood & Battle, and check it out: Using these variant rules for Swords & Wizardry, you can create characters who are orcs, bugbears, goblins, gnolls, and half-orcs. Classes available are Barbarian, Shaman, Witch Doctor, Sneak, and Warrior.
For an in-depth analysis of class balance (2200 words!) in S&W by Daniel Stack, check out 19th Level.
Many more posts to come, I suspect!