Mechanically I expect to see a lot of odd IMO Barbarian - 1, Wizard - 1 (Favored Classed Wizard) Halflings and Gnomes under the current rules in leveling up and low level games because of the mechanics. It doesn't seem like a PC has to take their Favored Class in their first level.
Double Barbarian Hitpoints (24 versus 12 (equivalent to 3 average levels of base hit points at other levels)), Extra Skill Points. There is a good chance the second or third level halfling or gnome Bar -1, Wiz -1 or 2 has more hit points the half orc F - 3.