Why do people constantly hand-wave the penalties a orc and half-orc get, and only concentrate on the STR bonus?
AFAIK,
according to WotC a +2 to STR is adequately balanced by a -2 to INT and a -2 to CHA.
Further, a +4 to STR is apparently balanced by a -2 to INT, WIS, and CHA as well as a -1 to attacks (or, basically penalizing the orc by 1 feat).
Actually, to reduce D&D to a simplistic comparison which only takes STR into account is actually quite the indictment of your style of play there, Basilisk.

It suggests that everything that INT, WIS, CHA, and the penalizing of 1 feat for Daylight Adaptation (or -1 to attacks, your choice) is no concern in your style of play.
Not to mention the roleplaying drawbacks of orcs.
Now, when you compare an orc or half-orc to a Wood Elf, it is certainly a slap in the face to orckind.
+2 STR, +2 DEX, -2 CON, -2 INT
This nets the Wood Elf a +2 DEX, -2 CON, and +2 CHA compared to the half-orc.
It nets him a -2 STR, +2 DEX, -2 CON, +2 WIS, +2 CHA and a +1 to attacks (or 1 feat) compared to the orc.
Throw in:
—Immunity to sleep spells and effects, and a +2 racial saving throw bonus against enchantment spells or effects.
—Low-light vision.
—Weapon Proficiency: Elves are automatically proficient with the longsword, rapier, longbow, composite longbow, shortbow, and composite shortbow.
— +2 racial bonus on Listen, Search, and Spot checks. An elf who merely passes within 5 feet of a secret or concealed door is entitled to a Search check to notice it as if she were actively looking for it.
and I think that most people can see how shafted the orc-kind ARE.