I'm gonna be honest. I am a huge fan of game balance, but I don't see as the same as game blandness. Down the 4th edition path lies blandness. Don't get me wrong this edition is still a huge improvement over 3rd. The ugliness that all game will have though is starting to show up.
Chess is a perfectly balanced game but it gets old for me because it has game blandness the pieces are all the same. I don't need or want that in my RPG.
The fact that a 80 lbs. halfling can have the same strength as a 210 lbs. dwarf is absurd in my book. Pure stupid.
Racial penalties should have remained. Not every race needed them. Elves for example don't really need penalties. So that was a step forward. But why couldn't halflings get a -2 Str and a +2 to Wis or something. Balance maintained but at least a nod at plausibility too.
We were promised that race would matter after 1st level and to WoTC's credit I think they tried, but failed. They wanted powers to be the awesome sauce in this edition. They are. Feats though took a back seat and have been reduced to more of a flavor mechanic rather then a way to make your character do cool stuff. Racial abilities though were to be enhanced and added through feats. Well the enhancement (such as it is) remained but you can't really get new cool stuff from feats for your race. Teiflings can't use their tails as weapons, dragonborn can't have wings (in any form not even gliding), dwarves can't go all strength of granite, and humans are about as much action hero as Justin Whalin in the D&D the Movie.
Game balance needed to be maintain and so too did the delivery date. I think they blew it on the race matters after first. Dragon born can at least make their breath weapon a little better and dwarves, elves, and eladrin can get better with their signature weapons, but those are the only racial feats that made me go "COOL!" the rest are just "meh."
They would have been better off offering racial powers that could be taken in place of some of the class powers as a character leveled. Then your race could be awesome too. I don't really understand why they didn't as the same sort of mechanic had already been invented for 3.5.