Before I kick off, I'd like to point out that I've played a Rogue in D&D 3.5e and observed a few others in the same system. Keep this in mind when considering the relevance of the following post. I also haven't bothered to trawl though the entire topic,
My thoughts regarding the stereotypical pure Rogue or roughly similar builds (Rogue/Assassin and what have you) with emphasis on high DEX and plenty of Skill Ranks:
1) Off-combat, the Rogue is pretty good, if only for the wide variety of class skills. However, there are other skill beasts as well (Scout, Bard, Ranger, Factotum etc.) so removing Sneak Attack would leave little motivation to select a Rogue over the others.
2) The Rogue has a rather limited selection of weapons. All of the weapons are unremarkable in terms of damage; if there was no Sneak Attack, I probably wouldn't bother investing in them at all.
3) Even with Sneak Attack, the Rogue cannot compete with the Fighter or the Barbarian in dishing out damage or taking it. Sneak Attack is potentially devastating, but the Fighter and Barbarian are devastating all the time because they hit more often and have a more consistent damage figure (say, 1d10+10 versus the Rogue's 5d6+2). Fair enough. I'm just not sure how removing Sneak Attack from Rogues or giving it to everyone would make any sense, whether you'd regard it as more realistic or not. CRPG's in general haven't aspired to great realism since they allowed magic.
4) Sneak Attack only works on enemies that can be struck with a critical hit, which creates many situations where the Rogue cannot realistically hope to do any damage at all whereas the Fighter and Barbarian remain effective (undead hordes and golems spring to mind).
5) Basically, if you were to remove Sneak Attack and replace it with nothing, the Rogue would sit on the sideline during every combat, minding his own business while everyone else did the fighting for them. I know because we once had a streak of sessions filled with nothing but the undead. Being there just because the party wants someone to open a few locks for them feels pointless. It's like being an HM slave.