Before I get into this I felt the need to make it abundantly clear that I absolutely love using the sword. It's my favorite weapon. It has been my favorite weapon for the last 2 years.
Right off the bat I think most people who are familiar with pvp and the sword have noticed this update bringing a lot of... strange situations with how sword duels interact. A lot of moments where both parties are swinging, but only one players attacks are connecting. That on its own would be enough to raise alarms because this issue has started to make sword fighting feel more RNG than skill based (inb4 le dank meme "sword =/= skill !1!!").
With the addition of the damage changes this has turned close quarters combat into a 5 second who-does-the-server-like-more fest. I've been on both ends of the spectrum many times this update, neither feel very satisfying.
Blocking isn't consistent when turning and the vertical hitbox is not high enough. Blocking feels more risky than strategic and leads to confusing moments where it seems like the other pirate has slashed you directly through your sword. This may be more server sided, on a 0 ping environment blocking may work perfectly. However on the live servers there is definitely a noticeable amount of time where it feels very bad and unfair.
The last thing I'd like to bring up is sword lunging. A cutlass players favorite high risk high reward attack. As of this patch if you are damaged, knocked back, or pretty much interacted with in general while charging up the attack. You are sent into this weird purgatory state where your sword lunge does not actually come out, however you are thrusted forward and cannot fully turn your pirate (as if you had succeeded). This has been the biggest boon to cutlass play for me, as I am a sucker for an epic lunge.
This has been my review of the current state of my favorite weapon. Based on many hours of plundering the seas since the last update. I do not know if the community is running into many (or any) of these issues. But they've been glaring in my face and it felt like this would be the best outlet to express them.
