Yeah, the longer weapon generally hits faster. It would work in PS better, if after attacking, you char would move to the target, and hit as soon as in range. Then the longer the weapon, the sooner you hit your enemy. After this the speed factor starts matter and the rest of the attacks goes as currently.
This is partially right, because sword vs dagger combat is far more complicated. But it give some image of what should be changed.
Currently after pressing attack you have to wait the time it is for the speed ration of weapon you use. I think it is mainly to stop even bigger hit and run tactic exploiting and being friendly to lagging people.
Further, the "one hit kills" rule is right, but not in PS for now. There should be much more parrying, dodging and similiar. Usually this is represented by the damage, but since most people refuse to see it this way and want damage to be like health, things gets complicated and thus more complicated system is needed. With simple system, like now, a fight is a joke.
Silavur, all this is known already, there were numerous posts about it, but if you want you may make another one. The system, as the whole game is being worked on, but it isn't happening really fast.