See, I like 4e feats simply because they're a bit less powerful and "Interesting". There's a lot of room with them to customize how you see your character - you take powers to be tactically powerful, while you can "blow" feats solely in the interests of character concept without killing your effectiveness.
While I haven't PLAYED 4e yet (but I have DMed a lot), I have made a few characters, and each time I love using feats to really refine what I've got. A human wizard at first level who took Jack of All trades and leather armour proficiency, to be a sort of wandering rogue (a traditional character choice of mine). A rather paranoid tiefling warlock with Alertness. And so on.
The point is, while Jack of All trades and leather armour aren't making my mage being better at being a mage, they do serve to reinforce my view of the character.
To put it another way. Player 1 makes a rogue, and player 2 makes a rogue. Player 1 wants to be a con artist-type, and so makes a human and gives his rogue Skill Training (Diplomacy) and Skill Focus (Bluff). Player 2 wants to be a "typical" backstabbing rogue, and gives HER human rogue two feats aimed towards rogues - Backstabber and Improved Initiative (for more first strikes).
While player 2 has taken much smarter feat choices, her rewards aren't that huge - an extra 2 points of damage on average for a sneak attack, and a +4 initiative bonus (making her a bit more likely to deal sneak attack damage on the first round of combat). Player 1 isn't being unfairly penalized for imagining a character concept.
While I hate to get into edition wars, here, when a character decided to give his character feats that didn't directly tie into his class role, there was definitely a penalty that was paid. If you give your fighter power attack, and I gave my fighter mounted combat to fit in with his knightly image, well... I may be playing the character I've seen in my head, but fairly soon, I'm going to regret that choice.
I guess I'm saying that 4e feats help you break out of your class a bit and flesh out your character... and because of this, I'm glad they don't confer huge bonuses.
P.S. The "+1 vs. opportunity attack" feats are a pain in the butt. I think there needs to be an "AC vs. Opportunity attack" box on the character sheet for those to be remembered.