I agree with your position on this. Personally, I can understand losing a fourth of total strikes to grazing blows, but not with a nigh-180 attack bonus. The current AC formula is even more detrimental to other melee, as fighters receive more + to-hit bonuses than their barbarian/paladin counterparts. Though, as indicated earlier in this thread, this issue is universal throughout every class that needs to physically land attacks to deal damage. If SSG is intent on sticking with the d20 system, there's at least several things that can be done:
Weapon-fighting feats can grant combat style bonuses to % to-hit. Each tier of every line could grant +2% to hit, starting with the base TWF/THF/SWF, and progressing all the way to the "Perfect" level epic feats for a +8% total. The same can hold true for ranged weaponry; Point Blank Shot, Precise Shot, and Improved Precise Shot could receive similar benefits - which would even fit the "Precise" portion of these feats. On top of this, the first tier of "Weapon Focus: x" can grant the same +2% (that wouldn't stack with other focus feats), as it's available to every class that meets the BaB prerequisite. While this doesn't address the massive gap between accuracy investment to graze reduction, this would be a nice boost to the lower bound, and at least a start.