Really the problem with Graze is, since it doesn't really scale, after a few levels it's going to be fairly pointless unless WotC changes how hit point escalation works for monsters (which I kind of doubt). Sure, being able to do 3 damage on a miss is neat when you're fighting foes of less than CR 1, but it's going to stop feeling less impressive to do 5 damage to a 105 hit point Hill Giant.
And that's before we even get into the discussion about resistance to damage reducing Graze damage to fractions.
It's a very conservative ability, a far cry from 4e's "half damage on a miss".