Well, I'm playing a long-running ranger/rogue dwarf in a game, and he's lots of fun.
I'm 12th level. I took my first 6 levels as straight ranger, then decided to take the 20% xp penalty for five levels of rogue. Not because I don't like rangers, but because:
A) the party needed a rogue
B) the things I always failed at seemed to be because of a lack of skill points
C) I have a relatively low wisdom.
If I'd put a higher stat in wisdom I'd have kept going as a straight ranger, but no bonus 2nd-level spell made me decide to multiclass.
Now, in our party the fighter hits a little more often per strike and does a little more damage on average, especially against tougher creatures. But I strike more often, and with just one ally to flank with my damage increases by 3d6 per hit; this could be (at this point) an extra 9d6 per round from my sneak attack. I could have another attack, too, if I took improved two-weapon fighting; but I am working towards the tempest prestige class and I'll get I2WF when I take my first level of it, so I've decided to let that one ride for a while. Overall, though, I've never felt that my character was underpowered. My stats are spread out more than a fighter's would be and I lost all my magic items a couple of months ago; even so I contribute to my party in many ways.
I keep us from getting lost when we travel. I find our enemies by their tracks. I find the traps in the dungeons we delve and I lay the alarm spell that protects us at night. I scout ahead, unafraid of running into a tough monster; I can handle it or survive a round of terrible damage. And besides, odds are good it won't see or hear me.
Granted, the six levels of rogue play into all of that; but other than finding traps I was doing all that stuff before I took any rogue levels.
I like rangers. The four skill points (and all the best skills except tumble as class skills) are great combined with a d10 for hp.
Think of rangers as being akin to the psychic warrior, but instead of a fighter/psion hybrid it blends a cup of fighter with half a cup each of druid and rogue.