@Hans 77 I basically agree with all your points. Good post.
As for my thoughts, I really do think Bannerlord really ****ed up the core of Warband's system which was the back-and-forth tempo of a fight.
It's extremely telling when you watch or fight in a Warband duel and all you hear is the clanging of steel because for each and every moment in the duel, someone gains and loses initiative, and there's always an incentive to try to swing and there's always an incentive to try to block, and that preserves the back and forth of the duel (since blocking gives you frame advantage).
For me, the most enjoyable part of any duel was the constant back-and-forth, sort of rhythmic structure, until someone made a mistake and ****ed up. It's hard to describe what it's like trying to maintain your time-based footing in a duel, but thanks to the relevance of the tempo and its importance, fighting in a Warband duel (at least at my skill level) was constant, demanding, almost rhythmic, and extremely engaging.
Bannerlord duels just...don't have this. Why the hell would I even try to block if there's a ridiculous delay, and I can't know for sure if my block will come up in time thanks to 20 million variables that all affect its speed? Why the hell would I even try to interrupt someone's feint and punish them for not being aware of their initiative window if my swings are so ****ing slow and feints are so ****ing fast? Why the hell would I try to block someone's feint if I can just turn around and walk for a few seconds to get out of range, and blocking it is impossible?
Why give myself over to the tempo of the fight if doing so is going to get me killed 95% of the time? The optimal strategy is to constantly s-key and stay out of range because getting into the actual tempo of a fight is just going to get you killed. And the tempo of the fight was the most enjoyable and engaging part of Warband, and here it's just gone. Duels are 5-second ballerina shenanigans about who can get close enough first and spam their unreadable feints until the other person dies.
Although that's just my opinion.