Well having played in many living campaigns where you get to see hundreds of different character designs, I've definetely noticed that half orc is actualy both one of the most popular and powerful character races. There is no way they could possibly be considered underpowered, the advantages of +2 strength is just huge, and easily worth all they give up for it and more. As anyone who has done the math knows a small strength increase can often result in a massive increase of your damage per round especialy at low level.
However they are a bit one dimensional and can use some things to give them more flavor. A small intimidate bonus would be cool, maybe something else minor. But scent would probably be too good, they need more flavor abilities to make them interesting, but certainly nothing to make them more powerful.
Now the half elf on the other hand, that is by far the least popular race I've seen. If there is ever a race that needs a boost, it's that.