Please change the Accuracy stat...

[Nurvus]

I agree Accuracy should either be gone or start making sense.

I'm not even going to discuss the fact that Crit and Accuracy are exactly the same thing.

At the very least, it's not acceptable for our character to outright miss unless we're blinded.
Our character is "extraordinary". Not a mundane soldier wannabe.
Even if it did make sense missing attacks at low levels, it doesn't at high levels.
Hitting a rabbit in the left eye, but Missing a golem just because of level difference, is simply hilarious.
By Miss, I am not talking about getting blocked, parried or dodged, but simply failing to hit the mark.

However, it is perfectly acceptable for our attacks to not always hit exactly where we want them to or how we want them to, and thus cause a portion of the intended damage.

In this fashion, I believe the OP's idea is a good one.
The details aren't necessarily perfect, but the idea of having our attacks range from - at worst - a glancing blow to - at best - a perfect hit in a vulnerable spot, is vastly superior both in immersion and in gameplay to a binary hit or miss chance that you may not notice at all for a whole fight, and completely ruin your rotation in the next fight.

As for soft caps, I think it should simply be a diminishing return on the progression of armor penetration, such that it takes more and more rating to advance another 1% of armor penetration.
This might have a target limit.