I find the delay to be very noticeable on two-handers especially. When you go from attack cancellation to block, it takes so long that a fast 1H sword swung from the correct stance is basically impossible to block, especially if the player was positioned conveniently. I'm not sure if anything changed recently, but I find myself getting killed a lot in recent times due to my block not going up in time.
As it stands, I'm convinced that 2Hv1H duels are unwinnable at a certain skill level as you will be outfeinted very quickly, no matter how good your reflexes are. Too many delays stacked on top of each other.