If it was kept as a selectable skill, I'd rather see "perception" get broken up into much more specific types of perception. So go back to "Search" (for finding hidden objects), "Wilderness Senses" (for noticing things in the wild), "Listen" (for having very good hearing), "Urban Senses" (for having keen eyes within the city), "Insight" (for observing other characters) etc. etc.
Because Perception as it stands now is just SO BROAD with what it applies to, it overshadows almost every other skill with how often it is rolled for and how useful it can be. But since the difference between the Wisdom mod and the Perception skill is only 3 points... if you tighten up and shrink what or how a perceptive character notices things... you aren't really handicapping that PC. Focusing him on a smaller subset of ways he is perceptive does not turn the skill suddenly useless. No more useless than something like Heraldric Lore.