EQ as it should have been?

[Hitchens]

The FAQ plainly states that exp penalties exist:

What are the experience penalties/bonuses?
By Race:
Troll -20%
Iksar -20%
Ogre -15%
Barbarian -5%
Halfling +5%

By Class:
Paladin / Shadowknight / Ranger / Bard -40%
Monk -20%
Wizard / Magician / Enchanter / Necromancer -10%
Rogue +9%
Warrior +10%

There is a handy sortable class/race matrix available to peruse. One thing to note is that exp penalties are multiplied not added: a troll shadowknight would be at a 1.4 (SK) x 1.2 (TRL) = 1.68 or 68% penalty. Until the July 2010 patch the racial exp mods were slightly off. Ogres were getting the halfling bonus instead of a penalty, .etc. Full details are available here.

If you can't take the time to read an FAQ before investing time in the game, the responsibility for being unsatisfied with experience penalties lies with you.