1. Stat adjustments are massively overrated (which is directly responsible for ridiculously weak races getting a +1 LA (khm, hobgoblin, khm)).
2. Many of those dwarven racial traits are incredibly situational or of very limited use. An at-will move action gaze attack (as sleep but actually useful bacause it scales) is, in turn, quite strong and let's not even get into the norrag's Wand Charge and Wandlore (I mean, innate capability to produce a vastly superior version of eternal wands without a single spellcasting level PLUS a wand-specific Deceive Item-equivalent (but better!) is simply not playing in the same league as stuff like stonecunning, stability and weapon familiarity combined).