In my experience, players have found the +2 bonus on saves vs. spells and spell-like abilities, the ability to move full speed in heavy armor, a bonus to an ability score that benefits all classes and a penalty to one that hinders few, and the near-immunity to poison to be more desirable than one extra feat and a few skill points here and there.
There are only a few classes that wear heavy armor. Those are a toss-up between human and dwarf for power (maybe the dwarf has a narrow edge). But for the rest of the classes? Human all the way power-wise.