This is what 4E did. And you know what people called 4e combat? A slog. And it was, I love the edition but holy heck everything is just a bucket of hit points!
While it may be more fun to hit something and deal damage, on the same note, there's no challenge in dealing damage, it's automatic. Hitting something poses a challenge, using positioning, spells, class features, etc... to boost your attack to be able to hit. But then again, this also depends on the group.
If your group is a bunch of old-school min-maxers like mine who always have at least a +4 to hit on their best ability score, then don't be afraid to up the ante. They've raised the bar, so it's only fair.
Personally, given my group I raise AC by about 2 points across the board and I lower HP by about 25% across the board. It evens out, I think but is more enjoyable to my group because they see the foes as a greater challenge.