I do.
Well, here's the deal. If you are running a low magic game (which is what WoT is, like it or no) it is ideal. In those settings, there aren't magic items that up your AC, sure you can get a cool shield +1 and a cool armor +1, but that is about it. Even at Level 16 and the like. The reason Defesne bonuses are in there are for two reasons:
1) Allow people to avoid getting hit by Everything as BABs increase.
2) Give a chance to some unarmored fighters.
Anthoer key concept. Fighters gain the ability to have their Armor and Defense bonus stack. This is invaluable and makes them tough opponents (only their fighter Defense bonus stacks if they multi-class)
Warders on the other hand kick TOO MUCH butt, because they get the ability to allow EVERYTHING to stack...
Now, implementing this into a D&D game...
If you keep hitpoints the same, I'd do two things:
1) Beef up monseter AC, unless you want the PCs to just wade through Everything. Defense bonus stacked with all the AC improve you get in "normal" magic d20 is just scary!
2) Watch what AC bonus items to hand out.
And be prepared for fights that are going to last a long time.
