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So I notice several changes to Power Attack. I think the change from BAB to Strength is interesting, and neither here nor there. Same with the fact that it now works with light weapons. However, the fact that Power Attack is now an "all or nothing" type effect raised me raise an eyebrow.
It seems to me that it sort of punishes the really high Strength character, in that now he can't Power Attack for a point or two just to get a little extra pop on his attacks. Instead, he has to go all-in, and take a rather large penalty to all his attack rolls.
This seems like it would be especially bad for a first level character with a high Strength.