After fiddling with the combat system for a bit, I have to say that I am beginning to get a glimmer of what the devs are trying to do with it, and it is an interesting idea. That said, I really dont like its current implementation. Here are a couple reasons:
1) Its boring. Standing there for 20 seconds or so waiting for your attack bar/IP to increase so you can take a single swing, which may or may not hit (and you have no idea from looking at the off/def bars what your actual chance of success is) is not fun. Repeating this over and over again is even less fun. Halting offensive/IP build up to repair your def or address a balance...imbalance...makes this take even longer.
2) The menus are a pain. I know UI is a lesser concern, but for something as important as combat, it shouldnt be this bad. Tunnel though the keys to jump, tunnel again to attack, tunnel again use a special ability...I mean, I suppose it gives me something to do while my attack bar/IP fills, but it isnt at all what I would describe as a fun way to fill the time. I could use hotkeys, but it would take almost all of them.
3)It seems a bit silly. Two warrior face off, and start jumping up and down and flexing instead of trying to kill each other? I know this is a minor issue, but when combat reminds me less of deadly nordic duels and more of chimpanzees having a dominance display, it breaks the immersion a bit more than I like.
There is more, a lot more, but these are the three clearest points. I would go into balance a bit more, but I am not sure that any serious attempt to balance weapons and combat have been made. Ants and armor seem pretty silly-strange for now, and the weight thing is also non-nonsensical, but Im going to assume those points have already been target for revision.
Last point -- I wish this had been left on the test server a bit longer. When the test server came up, I logged on quite frequently, but the system seemed broken and I never saw someone else on, so I decided to wait for test-server update announcements, which never came. The few times I got someone to agree to try to log onto the new server so we could have a sparring match, the test server was down. I believe I made a comment to that effect some time ago.
Im going to end my WoT here.