For politics--Party A and Party B is enough.
For race--in most cases, if race is *really* important to the story, I'd rather the poster come out and say what it is.
For religion, same, generally.
The only thread where I have used euphemisms it *was* confusing, but I chose to do it because I knew that if I posted the real things, people would disagree with my own personal feelings/beliefs on the issue (a religious one), and no internet board was going to change that--and while it related to my question enough to be important to share, I was looking for answers that did not involve making that change.
In other words, I don't think that doing away with them completely is a solution, but in most situations, they aren't needed. I mean there's a thread in "What an Interesting Assumption" that talks about Irish Greens; anyone who's read the thread knows exactly what a "Green" is.