dtgreene: The Gold Box games are arguably worse; you *can* make female characters in these games, but in doing so you are subject to a lower strength cap than what male characters get, and they get nothing in return.
vv221: Morrowind (The Elder Scrolls 3) did a much better spin on this: males and females have different starting attributes, but amounting to the same total of attribute points. The minored/majored attributes are different for each playable race, meaning that they are not all following the usual trope of "males are stronger, females are smarter".
This is only affecting the starting attribute levels, the biological gender has then no influence on the maximum attribute levels.
There's still other differences, most notably weight, which affects movement speed. Since male characters tend to be heavier than female characters, particularly if we're talking about Orcs, male characters have an advantage in terms of movement speed.
(By the way, in Oblivion and Skyrim, it's height; as a result, High Elves (in Oblivion, female high elves) have the highest movement. The Oblivion speedrun (all main quests) uses a female high elf for this reason, at least on exiting the sewers (before that, you want the Redguard's temporary speed boost IIRC).)
LootHunter: I agree about Gold Box games though. Arcanum was better balanced with male characters having +1 Strength and female +1 Constitution.
Actually, that's not quite true. Arcanum used male as default, and then gave female characters -1 Strength (meaning they can't ever reach 20) and +1 Constitution (which does not allow them to reach 21).
To be truly fair, if female characters get stat modifiers, then male characters should as well.
Arcanum also has the issue that half the playable races are male-only, and there are no female-only races available.