Yes, and I find it unnecessary and bloating (4th Ed has it too, with that 1/2 level unnecessary action).
If a d20 roll of 13 matters, what difference does it make whether it's +19 or +11?
The concepts behind it I don't feel are bloating, but the numbers certainly are.
There should be some form of improvement in your base ability to hit things through level progression. I would say at least once every 5 levels. So, +4-5 by 20th level.
Your primary attribute should also contribute to your ability to hit things, but I believe that attribute progression is already fairly slow, about on the order of the 4-5 over the course of 20 levels.
Some classes may have unique features which will improve their ability to hit things in specific situations, such as "favored enemy". Again, this should range on a 1-5 scale, being maxed out around 5 by 20th level.
Magic items should also maintain a maximum of +5, but their availability or unavailability should not be determined by core. They should be entirely outside the base math.
(if you notice, I feel all bonuses of any kind should never go beyond +1-5, though an additional rules module would be nice for numbers and levels beyond that)
So, a 20th level character would AT BEST in my ideal world get a +15 to attacks, making the best thing they could hit(without magical assistance in the form of magic items or spells), a 35. Which I feel is a fairly reasonable level of defense for even a very high-level thing. I do believe the math would be able to handle the possibility of an extra +1-5 in there if magic items are included, and since various types of temporary buffs will likely be present, I'd say we could move wager the maximum possibility to hit to +20, making 40 the highest defense.
Given that nothing should be unhittable and there's still a +/-20 variance with a d20, I'd say at the end of the day, if DDN gives us math making a 35 roughly the highest defense possible(both on PCs and NPCs), I think they'll have done a good job of flattening the math.