Even if it were only up to -5 penalty, power attack is still a great way to add extra damage. Here's a 5th level Orc Barbarian using a masterwork greatsword with 20 Str using Power Attack vs Different ACs. (This is even assuming you rolled poorly and your highest stat was a 15, increased to 16 at 4th level, also that you haven't been able to afford any magic items to increase your strength, you don't have weapon focus, and you're not using rage. Take this table as 4 lower than a fully optimized build. Also note that these numbers reflect monsters immune to critical hits and does not include bonuses to attack gained from charging or flanking where best to take advantage of power attack.)
Optimal Power Attack is the power attack this orc should use to deliver the highest average damage. Average damage is derived from multiplying average weapon damage * chance to hit.
AC > Optimal Power Attack
10 > MAX
12 > MAX
14 > MAX
16 > Power Attack +4
18 > Power Attack +3
20 > Power Attack +2
22 > Power Attack +1
24 > Power Attack +0
26 > Power Attack +0
28 > Power Attack +0
30 > Power Attack +0
From this table, you can see that this Orc Barbarian should be taking advantage of his Power Attack to some degree as long as his opponent is beneath AC 24 (if fully optimized, beneath AC 28.) Don't believe me? Check my math. (If it's wrong, don't yell at me and just politely correct me. It's 3 AM and I've been in a mosh pit earlier this evening.)