I think this method is probably the most useful to us, because we're really not about the leveling... The role play is far more important, and as such, I think my highest level character (ever, in 13 years of playing) is level 7.
A bonus feat every 10th level is certainly nice, but realistically not something I would ever benefit from.
We play too infrequently, but even back when we were playing every week, we had 4 campaigns we rotated through.
I think aside from half-elves, humans get the least benefit...
Dwarves:
Darkvision
Stonecunning, +2 to notice "unusual" stonework, such as secret doors.
+4 against bull rush
Dwarven weapons as martial (Greataxe baby!)
+2 against poison
+1 attack against orcs and goblinoids
+4 dodge against giants
+2 to appraise checks
+2 bonus to crafts related to metal or stone
Elves
Immune to sleep, +2 bonus against enchants
Low Light vision
+2 to listen, search, and spot checks (periodic 6th sense about magical doors)
Weapon proficiency feats for Longsword, rapier, longbow, (including composite) and shortbow
Gnomes
Small: +1 ac, +1 to attack, +4 to hide
Low Light vision
Gnome hooked hammers
+1 to difficulty to see through their illusions
+1 against kobolds and goblinoids
+4 dodge bonus against giants
+2 to listen
+2 to craft (alchemy)
Spell like ability: Speak with animals Burrowing mammel only, duration 1 minute
Half-elves (which are also pretty lame)
Immune to sleep and +2 agaisnt enchants
Low light vision
+1 to listen search and spot
+2 to diplomacy and gather information
For all effects related to race, the half elf is considered an elf...
You get the idea, I'll spare you the halfing and the half orc (although, the halfling is pretty spiffy too...)
HUMANS
1 extra feat at first level
4 extra skill points at first level, and one extra at each additional level.
These are explained by the fact that humans are quick to learn, capable and versatile"...
What, just not as much after first level? lol
They also take an experience point penalty when multiclassing (which we've always ignored anyway)
NO immunities, no affinities, no low light vision... Just a couple of things that are nice at first level.
Going by the books, I see no benefit to being a human past first level.
Could just be that I'm not much of a fan of humans in real life either! lol