So humans get a free feat and no penalties, versus say a dwarven fighter.
Hm.
+2 Constitution, -2 to Charisma, +1 to hit vs. orcs and goblinoids, +4 dodge bonus versus giants, darkvision, and some relatively minor stuff.
Vs.
One bonus feat (may be any type).
I think the Dwarf has a slight advantage, but that's because I'm the kind of player (and DM) that would want lots of orc and goblin fights. On the whole, a bonus feat can be extremely useful, so it might balance out.
Definately is looking good for making "Favored class" mean something, however. Dwarves should lean towards being fighters, elves to being wizards, or whatever. To human is to do anything (and do it tolerably well). To be nonhuman involves cultural and/or pyschological tendancies towards specialization (and do it well).