Since you want to review the combat system, I would like to make some suggestions.
1. If you have time look into DDO's combat system it's the best system I've ever played in MMOs, it's very similar to what you have but seams to work better.
(I hate action bar fighting and thats one of the reasons I chose your game, big +)
Especially on lower lvl it heavily depends on player skill, movement affects enemy's ability to hit and I've often finished fights without taking a hit.
2. I'd like to see some kind of sign if I hit or miss. Maybe sound or animation(like blood) or preferably both.
3. This one depends on 2. but look into weapons threat range to let us move freely while still be able to make the hit
4. Dodging/parrying don't need two keys to work, it could be ctrl for parry/block and clrt +movment to dodge in chosen direction
5. Will we get shields?
That's it I hope I didn't post it too late. I couldn't find any specyfic threads about combat, so I'm sorry if I reapeted someone elses suggestions.