Considering how embarrassing the combat is in some pure combat games (how has the Assassins creed series sold more than 3 copies??) where enemies literally stand still next to you waiting for you to finish killing the one you are currently fighting, I'd say Bethesda did a great job.
I think there are some improvements that could be implemented, I'd like to see some kind of block for dual wielders for example but I guess you can't get everything.
On a second point, I absolutely LOVE killcams. I had a character a while back who had very low combat skills in my RP. She had been in Riverwood chopping logs for cash before getting a job at the blacksmith. He sent her to clear out Embershard mine. She had no weapons (as she didn't really know how to use them), only her wood axe but took along Faendal and her conjured familiar. They were able to clear most of the mine with just the two-hander remaining. Faendal was nowhere to be seen and she had no magica remaining as the dude charged towards her. In desperation I remembered her axe and gave it a swing and it clicked into the axe to the face killcam. That killcam really encapsulated the feeling of desperation, the wild swing of her weapon to save her life and served as a great tipping point for her to develop her combat skills. Weirdly it's probably my favourite moment from playing Skyrim as it really made the story feel alive.