Ever since learning that $$\chi(S_0\# S_1) = \chi(S_0)+\chi(S_1)-2$$
(where $\chi$ denote the Euler characteristic), I've wondered whether $\chi$ isn't "defined wrong." If we let $\chi' = 2-\chi,$ then we get a genuine "homomorphism":
$$\chi'(S_0\# S_1) = \chi'(S_0)+\chi'(S_1)$$
So it is natural to ask whether or not $$\chi' = 2-V+E-F$$ is the "correct" Euler characterstic.
Obviously, smart people have thought about this before. What is the verdict? Is $\chi'$ more fundamental than $\chi$, and if not, why not?
Discussion. I think its curious that $\chi' = 1-V+E-F+1$. If we can interpret that two hanging $1$'s, that would motivate $\chi'$ on geometric grounds.
The usual Euler characteristic is absolutely the correct choice, at least for closed manifolds. There are lots of reasons to believe this:
The connected sum is a less natural operation to consider than you might believe. Most importantly, you need to choose where to cut little holes out of your manifolds (and the choice matters e.g. if your manifolds are not connected). It should be thought of not as an operation on manifolds but as an operation on manifolds after you've chosen little holes to cut out of them, where it just becomes composition (gluing) of cobordisms. And it's this extra cutting step that alters the behavior of the Euler characteristic from the homomorphism property you might expect: with suitable hypotheses, cutting a hole out of a surface decreases its Euler characteristic by $1$.
For closed connected surfaces, the alternative number you define is the first Betti number $b_1 = \dim H_1(X, \mathbb{Q})$ of the surface. Its relevance to taking connected sums is that
$$H_1(X \# Y, \mathbb{Q}) \cong H_1(X, \mathbb{Q}) \oplus H_1(X, \mathbb{Q})$$
but don't read too much into this: the analogous statements for $H_0$ and $H_2$ are both false.