I guess I must be too old-school: I make my players roll for hp at 1st level, and, as a result, 4 out of 5 PCs took Toughness as a beginning feat (the only one who didn't is the dwarf paladin with the 16 Con...), and one of them (an elf wizard with a 10 Con) took Toughness a second time as soon as he could get it!!
My point?: Toughness is a valuable feat if you don't "soften" your game by giving out max hp at first level.
Additional note (houserules): We also use a WP/VP system now, and my houserule is that Toughness gives 1 WP and the rest are VP. Further, as has been suggested in lots of other places, I allow an additional VP each time one takes Toughness, in the same way Inner Strength (from PsH) works.