My suggestion would be to actually play in a campaign with one. It's hard to judge the value or restriction of some of the racial abilities until you actually see them in action (so far, no sleep has simply meant that the warforged in the games I've run have always gotten to be the designated watchdogs while everyone else gets a good night's sleep, instead of having a system of watches). My quick observations:
* If your group doesn't have an artificer, or is relying on a druid for healing, the reduced effect from magical healing can really slow you down. Try it out!
* Adamantine Body is unquestionably a powerful feat that makes you a bad ass at the first few levels. But eventually, people catch up with you. Sooner or later, the human fighter can buy his own set of adamantine plate -- now he's just as tough as you are, and he's got an extra feat as well. And when you find the resplendant armor of Dhakaan, he can wear it and you can't. Your armor can't be taken away, but neither can you remove it if you need to, say, Climb.
* You're immune to poisons and disease, and if these play a big role in your game, that can be a big deal. Heaven know I love the immunity to level drain. On the other hand, a rust monster will kick your ass, and you are vulnerable to both Inflict Wounds and Inflict Damage spells.
* With permanent arcane spell failure and penalties to Wisdom and Charisma, you will have a difficult time with spells. No problem if you want to go straight combat, but it limits your multiclassing options.
People have a lot of strong opinions about them. Some people think they aren't tough enough; others think they're way overpowered. I've had warforged in every Eberron campaign I've run. At the moment, my current campaign has a warforged fighter and a Valenar ranger, and there's never been a sense of the Valenar being outclassed or made obsolete by the warforged. Like I said, try playing one and see what you think in practice as opposed to on paper; they may not be as tough as you think.