For those of you on PC, there is a mod that might fix some of your complaints.
http://www.youtube.com/watch?v=PcZQrqMK44g&feature=player_embedded
It's called Deadly Combat. Basically normal hits can stagger enemies slightly, well timed blocks will make enemies recoil, getting hit by arrows and magic disorient the camera, etc. Weapon damages are also increased to make it faster paced, and the AI can stagger you or other AI as well. Overall I really love the mod and it greatly improved combat for me. I don't think I would really have any complaints about combat if it was like this out of the box.
An amazing mod. After playing with this mod for over 100 hours i had to remove it for temporary technical reasons and playing without it all of a sudden reminded me how poor the melee combat is in vanilla.
The mod is pretty amazing. U cant just swing away because enemies will stagger u, preventing u from attacking. The new AI features make you take extra effort to time your blocks in order to open up the enemy for long enough to squeeE in a power qttack. Enemies block and bash more, dodge more, shooting arrows while being hit by enemy archers is nearly impossible and all the changes mean that a battle against a single enemy can go pear shape if u fight poorly , even if u r of a higher lvl, and on the flip side, u can defeat tough enemies that can 1 hit kill you if u time your block, flank them and hit them from the back for extra 33% damage.
The deadly combat mod is the reason i enjoy combat so much that i placed mods that spawn bandits and other humanoids in the outdoors and i just walk on foot from one place to another- so i will get to fight and enjoy combat.