Yes, I am investigating some existing cap plates right now which are grossly overstressed (on the order of 600%!!!) based on an elastic analysis. It drops down to around 200% using a yield line analysis.
What Willis is talking about is great for the bearing look, but you still have to make sure the load can get there. If the beam is coming in perpendicular to the column web and doesn't run over top of the column then you have little bearing area. Addditionally, the load is going through the beam in bending and shear, getting into the cap plate from a line load over the beam web (or a uniform load over the area of intersection between the beam flange and cap plate), then into the column through bending and shear in the cap plate.