Satyr are weak, even at LA+2
One thing most of you seem to be neglecting is the racial HD that must be stacked on top of the LA. The Fey HD are VERY weak for melee characters. The acid test is crucial.
Would you rather have a human ranger 11 with 6 attacks per round (assuming two weapon mastery) and 11 BA, or a Satyr ranger 4 with 3 attacks per round and 6 BA. Seriously... FIVE less base attack and half the attacks. Any ECL11 level melee with 6 BA is crap for that matter. And, with ECL7 from satyr including no casting ability, you can forget about any spellcaster progression... ECL 11 and not even 3rd level spells.... right.
The best course of action to get a playable Satyr would be to break down the skill, stat, natural armor, and DR bonuses into racial levels (ie, DR 1/cold iron for each racial HD taken) and possibly allow a charater to only have 2-3 racial HD along with a +2 LA before taking the first class level. I haven't gone to that trouble yet. However, by using the ever critical acid test, something playable should be found in that vein.