This would make the idea of hitting less important than the damage done and the conditions applied.
But I can see a lot of potential for cheese such as Fighters taking low STR and boost other things to get bonuses in areas where they weren't meant to collect bonuses that high.
I would have to see something like this done and playtested. Also, the rest of the game would need to be radically changed to support this model.
It would undoubtedly have some side effects - though maybe not as much as you'd think. Taking the fighter as an example, you'd still be adding Strength to virtually all of your damage rolls; it would still have more impact than any other stat. But you could now make a fighter with a 16 or even a 14 Strength and not suck.