So I recently downloaded The Elder Scrolls II: Daggerfall a few months ago, and after getting through the hideously badly controls and interface I tried out the combat. Even though controlling your character feels like I'm a fork-lift designed by Satan, the combat feels significantly better than Morrowind, Oblivion etc.
If you haven't played it, the way to swing say an axe is to hold down LMB, then move the mouse in the direction you want the axe to go. Say I want to do a diagonal swipe, I'd hold down Left Mouse Button then move the mouse curser across the screen diagonally. It's more intuitive and involving than the random clicking of Morrowind through Skyrim, but it's made significantly worse by the fact that you have to stop, find the button to make yourself look down, up or side to side, then find the sweet spot to actually swing your bloody weapon.
So my thoughts are: try implementing this system with the today's super high tech and that could make for some good combat. I read in PC Gamer recently (not this but it's pretty much the same difference) about a new Battlefield-style game called War of the Roses, which takes the 64-player battles of Battlefield and transplants them into arguably the dullest historical period. The developers have said they're going to use the Daggerfall style combat for the swords, axes, maces etc, which sounds good.
Finally, a game I am interested in getting within a month or two. Yay.
Also quickly: Gettysburg: Armoured Warfare Steampunk American Civil War where the Confederates have tanks? Sold. ESPECIALLY for £7.