Hypersmurf
Moderatarrrrh...
That's right! Unless your attack bonus is already so high that you already (would) hit on a 1 (if it weren't for the auto-fail rule), your 8th level Fighter...[/i]
Not sure about 8th level, but there are plenty of occasions when a high-level fighter can only miss with his first iterative attack on a 1.
The problem with Power Attack at high levels is not that it causes your first attack to miss - it's that it causes your third and fourth attacks to miss. And the damage gained on the first and second attacks from Power Attack is less than the damage you would have done with those third and fourth iterative attacks.
If you're only using that first attack - Charge, Spring Attack, or whatever - then you frequently have the Attack Bonus to burn... because 10 or so points of Power Attack doesn't significantly hurt the chance that your primary attack will hit, and there aren't any follow-up attacks to be adversely affected.
-Hyp.