My personal thought is that you should generate threat on a smite, add access to smites and provide an improved critical feat (or somethingorother) as a free class feat. This way you keep threat generation within the pally tree, increase DPS at the same time, and have an ability that adds CHR to your attack and damage mods.
Plus, Divine Might is a royal PITA to cast mid-melee.
After several re-works of my pally, I found that I could squeeze in Power Attack, but had to choose one of the three: smites, healing amp, or THF. Needing healing amp is universal, so that got priority. It'd be nice if I didn't wholly **** the bed on DPS just so that the things I need for tanking - mainly Dodge, PRR, and AC - are in place.