Man... after playing some more the unavoidable master shit stuff is ruining the combat for me. I loved the combat in the first couple of hours, but now every fight is the same. I try to take a swing, the game slow down for the eleventh billion time and that damn futuristic sound plays. It fucks with the flow, and not being able to block screws everything up. Why have this stuff? Does Mount & Blade have any avoidable attacks? Nope. Also funny that every town guard is a master fencer...
Yeah, the combat system is a rather mixed bag even at it's best.
FWIW you want to either wait for them to attack and riposte them, then (if you stats are high enough that you can attack fast-ish) get in a strike of your own, then you just keep striking.
Or you wait until they miss you with an attack (stay at the edge of their range, you don't need to dodge as such, just move normally or maybe even unlocked with shift, then target after they miss) and then get in and strike.
But yeah, the slowmo-parry/riposte stuff sucks and feels completely unnecessary. That being said, most of them have a slow enough follow-up strike that you can actually block it if your stats are decent enough.
Group combat also looks goofy as hell. I don't think the a.i. can really handle it very well...