I've got to go with the 'overpowered' side.
To illustrate, let's compare humans and half-elves (since nobody accuses half-elves of being overpowered.) Since neither one has a favored class or stat bonuses, thos efactor out nicely, and we are left with the human's +1 skill rank and bonus feat equating to the following:
- Immunity to sleep spells and similar magical effects, and a +2 racial bonus on saving throws against enchantment spells or effects.
- Low-Light Vision: A half-elf can see twice as far as a human in starlight, moonlight, torchlight, and similar conditions of poor illumination. She retains the ability to distinguish color and detail under these conditions.
- +1 racial bonus on Listen, Search, and Spot checks.
- +2 racial bonus on Diplomacy and Gather Information checks.
- Elven Blood: For all effects related to race, a half-elf is considered an elf.
- Automatic Languages: Common and Elven. Bonus Languages: Any (other than secret languages, such as Druidic).
Now, I'd say that any of the above bullets, with the exception of Elven Blood and the bonus language, would be worth a feat. So, roughly 4 feat equivalents, vs. the human's skill ranks and bonus feat. Assuming that a wide-open bonus feat is worth 'more' because of the versatility, you still have the +1 skill rank/level being equal to somewhere between 2 and 3 feats.
As a DM, I would not allow this feat. It seems too good for what you have to spend to get there, and it would dilute one of the main advantages of playing a human character.
J