That's EXACTLY how it feels, it takes away player skill from the combat and makes it totally random. On Master difficulty all I need is to get hit once or twice by that guy to die, to kill him I need 30-50 ( ? ) successful hits. I don't even use power attacks as there is only A CHANCE that you stagger your opponent while they leave you hopelessly open for attack. 1-2 to 50 while all you need to die is a random instant kill finisher ( in this case even a first hit can be one ) which you can't avoid as there is no animation which would give you a time window to dodge it. FAIL design or fail programming.
(But I'm not adverse to stripping out player skill from PC combat ~I'm not advocating it be done in TES... but I usually prefer it that way in RPGs. :shrug:)
My guess is that you are right, and it will be looked at, possibly changed somewhat (unless it is really on purpose); It does seem "un-TES-like" to me on reflection.