I have a few people in my group who actually think penalties fit small characters therefore they don't have a problem with playing them. They have actually said that it is the penalties that actually gives them a mechanical sense that they are playing a creature that is small. What these guys would like to have is a bonus that balance out with the negative but if there isn't one then they aren't really heart broken. I hope 5e brings back penalties to small creatures and so do they. What do you prefer?