In the campaigns I have played in, the dms universally ignore dim lighting problems, and so the lowlight vision ability is only usable in theory. Perhaps
things are unique to my part of the world in this regard?
In any character creation system that used point allocation, the elven penalty to con can be worked around. Pretty much the same if you are allowed to choose which rolled scores go to which stats. The exception is if CON is meant to be UBER-high, but that doesn't come up much (those that want to do that play dwarves or gnomes).
And I would definitly take a feat of my choice and extra maxed class skill of my choice over the "elf-lite" abilities. If I really want those abilities, I will go for the real elf, and get the extra weapon profs, upgrade in search, spot, listen, and ability to stay awake longer (and thus take extra watches).
The sole reason I can think of to take a half-elf is a) If you really want those elf-lite abilities and have some uber-cool multi-class option and/or b) you want to get into the prestige class Arcane Archer in some non-wizard way.
That's why I think half-elves and half-orcs should get something extra, like a bonus to fort saves for being hardy half-breeds. It won't make either race broken, but will give a little something to make the races more appealling.
Oh, and in some campaign worlds, half-elves would be MORE common than elves (assuming half-elves are not sterile, and given their humanish tendencies to travel and settle anywhere), so the idea that they should be rare seems to me to be driven by campaign-specific needs, and should not be used as justifications for the core rules.