While I don't care for the lack of an effect from weapon damage, the plodding pace, or how quickly you can move backwards, I expect all of those things will likely be addressed as the game is developed further.
On the other hand, I absolutely love that you are told how much damage you are doing. I have always felt that multiplayer Warband would be much better if there was finer-grained damage feedback than the various impact sounds you get. It would make it far easier to learn how to footwork/swing to maximize your damage.