Curious. Is that not the default setting for EN World?White text on a black background is really hard to read.
Perhaps you misread. The second, third, and fourth attack are all at -5, just like natural attacks from monsters.The game probably shouldn't give iterative attacks "for free". Instead, there should really be feats available for the Fighter who wants to specialise in getting multiple attacks. As the the appropriate penalties, that would depend on just how the system is to be rebalanced. In all honesty, allowing the Fighter to take the second (and subsequent) attacks with no penalty is probably not too much - just make sure you have appropriate prerequisites on the feats.
Perhaps you misread.