What i always wanted to see is to see what HP are in PS and what they are in other MMORPGS. HP are Hit Points, not somethink else. And i can remember they were like that since MB (when i started playing) HP means the amount of HITS you are able to stand and these HITS aren't always in body in the worst, deadly way. Its true that one HIT kills in real, but before it happpen there is a lot of minor HITS, not always in body. If its a duel, it may last very long, while in PS the more trained you are the faster is the fight (always no more than 30 sec i think). When you see damage, its not a deep wound in the chest or arm cuted off ;P This are the decreasing HIT points.
In real, while you fight, you get tired and this lead you to mistakes which in game are showed as dropping HIT points. You see if you are loosing and in game you see that by your HP dropping. Its not like that when you hit the blood floow from the wound and you can drink the healing potion to heal to fix the wound. The healing potion offer something else (not exactly fatigue - it still has its other use, but is important in fight).
Randomizing all the hits through skills and getting a system message if the hit was parried or not don't make sense, because in this way you don't know how strong your opponent is and if you should run away maybe ;P Currently you know how strong is someone after you die ;P but then it is depended too much from pure luck, not skill.
I hope this makes sense
Oh and i on't think so we need 1000xHP multiplier, we just need lower slash damages (damage from different weapons of the same type shouldn't varry too much) skill not allowing for too big damage hits and two same as good fighters shouldn't deal the ame damage against each other as agains unskilled fighter. (their skills are compared and this decides about damage, yes sword fighting skills of both fighters decide how much damage one fighter deal to the other, because skill in some weapon isnt only about how to hit hard and precise, but also how to parry and defend yourself with it)