Dodge modifier - any situation that denies you your Dex modifier also denies you your dodge bonuses - so if anything, feinting it is even more effective against a higher level opponent, if you can pull it off.
Given that the whole point of a feint is to make it difficult for an opponent to parry* - by making him commit to parrying an attack which isn't coming, leaving him more vulnerable to the real attack - it does seem silly for it not to affect parrying.
*(based on the assumption that the term feint has been taken from formal fencing, in which parrying is the normal type of defence rather than dodging)
As it stands, the defender can choose to parry an incoming blow instead of dodging it. Thus, he is not vulnerable to a sneak attack from a feint.
If you were to rule that a feint also removed the Strength Bonus and Parry bonuses), it *would* allow sneak attacks. This might be unbalancing.
Another point to consider:
As it stands, a feint is much more effective vs somebody who relies on instincts for defence (eg, the barbarian, with his high Dodge modifer) than on somebody who relies on formal military training (Ie, the soldier, with his high parry modifer). Discipline overcomes trickery. Perhaps this is deliberate?
As it stands, the net result of feinting is to force somebody to use parry, rather than dodge.
I would simply change it so that this effect is *exactly* what the manouver is decribed as doing, and allow it also to do the opposite - force them to dodge, rather than to parry.
IE - the only result of a feint would be to force the opponent to defend using the weakest of his two defence values.
In effect, your feint makes them dodge a blow that isn't coming, meaning they must fall back on parrying the real blow (or vice versa, of course).
This, of course, would be severely inconveniencing for some classes at high levels, but then, also very difficult to pull off - and since the attacker at this level is giving up what are almost certain to be multiple attacks, I think it is a fair trade.
What about the classes that have an equal dodge and parry modifer?
Well these classes have relatively low modifiers in the first place, meaning the fact that a feint wouldn't be very effective is negated.
Although they would still be forced to use their weaker Ability mod and would lose any relevant feats - which might be bad enough for an archer-borderer who has built up his Dex to the max and stacked it with dodge skills, whilst ignoring his parry skills.