But is it overpowered, though? If you're running a game in which combat doesn't come up all that often, then no. It isn't. The excessive power of a feat is dependent not just on the values it provides in a vacuum, but also how it behaves in context.
Is it really? I mean, let's assume for a moment that someone plays a dnd game in which they only do one combat one session out of every ten, and the others are filled with fantastic RP, improvised theater fit to entertain kings, stories that are recorded and will be recounted to children and grandchildren for years to come...
That's great. They're barely using the system, having a wonderful play time. In that one session of every ten when they do use the system, well, it still can have a problem. And the rest of the time, sure, it doesn't matter.
My personal play experience tends to be about an hour of pure RP with no system, an hour where we do about two different skill challenges, and about an hour and a half to two and a half hours of two to three combats, sometimes with a skill challenge mixed into the combat. The power of feats (or anything else) is largely immaterial for the hour of pure RP. The skill challenges I do have a background and feat spent to help out, as well as a once per day power. I also have a moderate spread of ability such that I almost never find that the party lacks some coverage. That and I get to participate more by having a breadth of skills, which I find more fun.
Which means that the remaining 95% of the game system parts of my character - the character that I RP a ton, mind you - is about combat. I don't think I'm massively atypical here, and I don't think I could really spend a ton more on things that don't affect combat, due to lack of choice, lack of need, and conflicting with character concept.
But I also think it's a design limitation that has gotten more exaggerated as editions have come along. As generalist abilities shifted into specializations, first with weapon specialization, then with feats, and now with powers, all increasingly concentrated around a single stat and/or weapon, I think the game has become increasingly subject to this very issue.
I'd really love to drop a ton of this overspecialization. I really would.