Are 'edited by' inline comments the norm in shops which use revision control?

Question

The senior dev in our shop insists that whenever code is modified, the programmer responsible should add an inline comment stating what he did. These comments usually look like // YYYY-MM-DD <User ID> Added this IF block per bug 1234.

We use TFS for revision control, and it seems to me that comments of this sort are much more appropriate as check-in notes rather than inline noise. TFS even allows you to associate a check-in with one or more bugs. Some of our older, often-modified class files look like they have a comment-to-LOC ratio approaching 1:1. To my eyes, these comments make the code harder to read and add zero value.

Is this a standard (or at least common) practice in other shops?