It's a difficult choice for some. A rogue for instance....+2 to Hide/Move Silently, +4 to Initiative, it's really just a matter of which one he wants to do better.....a bard or a sneaky charlatan type getting +2 to Diplomacy and Bluff is at least as good as a +4 to initiative. +2 to Listen and Spot is pretty nice for anyone who want to avoid the surprise round. +2 Search and Appraise useful for those rogues who like to find the treasure, and give the dim bulbs the cheap stuff. It is as good.
Well, if Dragon were the PHB, I'd give this to you, but Dragon is basically a bunch of fan articles. FR now is more powerful than the "base D&D world," with these feats. Not significantly so, but noticably so.
Well, according to the DMG: "Never introduce a major artifact into a campaign without careful consideration. These are the most potent of magic items, cabable of altering the balance of a campaign.".....I'd say my interpretation is pretty well founded.

Aritfacts aren't powerful because they're rare, they're powerful because they're plot devices, not really meant to be tools for the PC's to use throughout their careers (like a feat).
It means that taking one level of a class is a bigger cost then a feat slot. There shouldn't be a feat that let you cast all the spells a first-level Sorcerer can cast, either.
That's not a greater cost than any other feat, man. By taking ANY feat, you're delaying your acquisition of others. There still isn't a cost for that +1, because I could choose Improved Initiative or Skill Focus instead and achieve the same effect, and neither of those have the power of the regional feat. Does this mean that Improved Initiative is suddenly a weak feat, because if they take it at first level, and they're not a human or a fighter, they're delyaing their acquisition of greater powers? That seems to be specious resoning at best.
Not really, because 'only at first level' isn't a *cost*, or any greater cost than any other feat that is taken once. I could put a feat at 3rd level, make it a '3rd level only feat', and then make it more powerful than similar feats...is that balanced? How about a more powerful 18th level feat, or 12th level feat? Saying that you can only do this at a certain point is just a mandate on how you can spend your +1. It's like saying that you can spend it on attack or AC, but ONLY those....and you can only do it ONCE, or NEVER....the +1 still exists, and it's still more powerful,a nd there's no greater cost for it than there is for any other feat just because you claim that it can only be taken at a certain level.