Yes, it is. Actually, I believe that either side having an advantage over the other is a bad idea. KI recently attempted to level the playing field by allowing the Bosses to cheat. Bad Idea. Giving Bosses and Mobs power pips gives them one of the same advantages that we have. Allowing them to have more health not only balances the fact that the AI cannot keep up with us but also gives us a chance to build up massive hits that will "One Shot" the boss. So yes, let toon and boss alike use power pips. Everyone on the field should be governed by the same set of rules.
I also agree with the bosses having power pips. I was so let down today when I revisited Malistaire. I was one of the lucky few to have beaten him during all the "enhanced boss encounters". Even with his new power pips he is a breeze to defeat. Just like before. Do I want KI to have the "enhanced boss encounters" again? NO! I want things to be fair and equal. We have power pip chances and so should the Bosses. If you are not happy with your power pip percent you can change that by simply getting better gear and leveling up. If you can not defeat a boss because it has power pips then maybe you should revisit your quest line do more of them to level and then return to that boss later. I am very pleased with KI trying to equalize the playing field. I feel this is a small step in the right direction.