I used that recently, too. However, instead of losing the skill point for 20 levels, I just did the skill point for the one level only. The feat+1 skill point, seemed a fair trade off. Like you, I thought 1 skill point for 20 levels was a bit too much.
Totally not worth it. Even when Aasimar and Hobgoblins aren't available race options, I'd still not consider it. For many characters, 1 skill point per level is pretty close to a +2 to Intelligence, so you're essentially just giving up a feat for no benefit whatsoever. And even for the others, I'd consider it very iffy.
It depends on your build. If you've got feats to burn, it can be worth it, but in most builds every feat counts more than a bump to your secondary ability score.
One issue is that if you'd rather have the ability score bonus than the feat, you might be able to find something more suitable than human. For example, Aasimars get +2 to two ability scores (with several variants to give you a bunch of options for which pair of ability scores to boost), but unlike humans they also come with darkvision, energy resistance, and a SLA.
