Sketical
I don't think that +5/+5 is insignificant for a PC who has the magic items of a LV 3 PC. That's roughly like saying that a +2 weapon, a +4 belt of giant Strength, and a bonus feat (Weapon Focus) is insignificant (This gives essentially the same bonuses to hit and damage as the +5/+5, and the weapon and belt alone cost over 24,000).
I don't think that +5/+5 is insignificant for a PC who has the magic items of a LV 3 PC. That's roughly like saying that a +2 weapon, a +4 belt of giant Strength, and a bonus feat (Weapon Focus) is insignificant (This gives essentially the same bonuses to hit and damage as the +5/+5, and the weapon and belt alone cost over 24,000).