Not enough good feats. Too many junk feats.
I'll agree with that.
I think part of the problem is that Feats are static. IMHO, they should improve as the PC levels up, perhaps folding multiple feats into single, level-related ones. Perhaps along with a PC getting a new feat every 3 levels, they would also
improve 1 feat every 3 levels as well.
Imagine, for instance if Power Attack improved over time- not neccessarily increasing in potency, but rather adding features...like Sunder or Cleave or Great Cleave. Of course, since Power Attack has many, many dependent feats, not every PC would get all of the folded-in options. One PC might improve his Power Attack with Cleave, Great Cleave, Leap Attack, and some of the other PHB/CW PA based feats, wheras another might opt for some of the ones from OA, CA, or what have you.
The difference? Well, for one thing, you don't change the number of feats a PC gets over time- this, coupled with the suggested change means PCs effectively get more feats. Additionally, there would be more use of the 10 billion feats that would still remain after the mass consolidation.
In such a system, the so-called "junk feats" would have to become Prerequisite feats for other, better feats, or simply eliminated. Personally, I favor the former- some of them have potential, but just don't stack up.