I like the D&D version; a friend of mine is very good with statistics and he says that over time feats like Dodge and Weapon Focus significantly alter damage taken/damage dealt ratios.
My personal experience is that Dodge has saved a high level hospitaler character of mine from lots of damage. The difference between a 26 and a 27 AC does seem to be significant over time. I wil still be disappointed if Dodge isn't improved, however; the offense to defense ratio is too skewed IMO.
I don't personally like the Dodge feat, however. I think there should be no prerequisite. The characters with low Dex's are the ones that need Dodge the most.