It's annoying, counterintuitive and silly now. Watching a fight is less about position and defense than spinning, jumping silliness.
The game is what it is, but for my part I'd really prefer to see that all good hits come from people who have their feet solidly on the ground. Sure you should be able to move while attacking, but there would be no force behind the swing.
I guess I am chagrined at the arcade-ness of it right now. Seeing polearm guys facing the ground swinging left to right creating a big area hit around them, not even swinging 'at' their opponent. It's unappealing, and creates a really unfortunate gameplay.