Frankly, I think the favored enemy is one of the lesser abilities of the ranger. You get two good saves, a ton of skillpoints, full BAB, bonus feats, evasion. You don't need favored enemy to make a ranger very useful.
As for tactics, there are plenty. I'm a fan of bow rangers, and with hide as a class skill, you can easily play a sniper.
Rangers wear light armor innately, so they can make could use of spring attack.
Ranger's spellcasting is limited, but it gives you access to very important wands, like CLW. Sure a fighter may be a a better fighter, but when you can heal yourself in a pitch that's worth a lot imo.