Alright, here's an insane suggestion. Set the power attack bonus to damage to the base attack bonus, but without the "max 5" cap. If you're a level 20 barb, you would be able to power attack for +20 damage (-20 to hit) (or +40 with two handed weapon).
AND secondly, make how much you power attack for optional, right now it's all or nothing, so I propose that you may choose what number you power attack for, if you have 10 BAB you may power attack for any number between 1 and 10. The power attack feat opens a dialogue (similar to teleport, summon monster, fire shield, etc) with each number available.
Ok so what to do with enhancements that barbarians, warforged and half-orcs get, that currently increase the cap?
Well, in the PnP there is an excellent feat called Headless Charge, that lets you lower your AC in place of your To Hit, to let you power attack at full to hit bonus (and lowered AC) making you even more deadly (and as the feat name says, headless at the end of the round :P).
So, the enhancement lets you replace 1:1 to hit bonus for armor class. A barbarian with this enhancement would be able to power attack for +20 damage at -17 to hit and -3 armor class at level 20.
Now, this is where it gets interesting. What would be the implications of this. Two very positive implications that people desperately want.
1) AC is always relevant no matter how little you have
Because when you're faced with someone with power attack (for example a Jarilith) the Jarilith can increase its damage against you with a higher power attack if you have a low armor class, but if you increase your armor class by, for example 4, the Jarilith will have to power attack for 4 points less to hit equally as often. Thus AC is always relevant. You ALWAYS benefit from having more AC.
2) Having more To Hit Bonus is always beneficial, no matter how much you already have
Right now we have a situation where once you have so much that you hit on a 2 on anything you don't benefit from having more, but with this you could simply power attack for more, thus you would benefit from a +1 to hit since you can convert it into damage.
Thoughts?