I think it's important for my kid to undertand context, societal norms, and the power of perception. Once they understand it, they're free to make their own choices.
An important piece is that they understand (just going down SoulJunkie's list), that there will be people that will make assumptions about you based on 1) your race; 2) your gender; 3) your sexual orientation; 4) your use of slang; 5) the race of your partner; 6) the race of those you hang out with.
Let me know if I got them all, Souljunkie.