Dissecting this stuff is both enjoyable and enlightening, it's the kind of discussion I really like to see.
par·ry
ward off (a weapon or attack), especially with a countermove.
It is a parrying system by definition and a good one at that. Your warm up and cool-downs are balanced by those designing the combat. However, they are also balanced by animation. Gunshots are designed to animate properly alongside melee. Enemy designers are not doing to restrict all attacks to specific warm-ups and animators are not going to ship clunky animations. Therefore you will have psychic parries (maybe), fast up-close parries (due to bullet travel & attack speed), and slower parries. If you want to make psychic parries go away, you need to change the enemy designs (not smart) or have an absurdly fast start-up for gun-shots (also not smart). Or you could just let some attacks be faster then most players can handle (best choice). Does this push players to a distance? Yes but so what. It's how the vast majority play the title and nobody is making you do that. You have i-frames on dodge to use instead as well.
Distance parries are perfectly fine. The objective is to interrupt attacks and you have a gun. It's nonsensical to not permit range parries with a firearm. That's the logical progression of parrying with a firearm vs. a melee weapon. Take it away and you are doing melee parries. Play another game if that's the want.
Trades are fine. Having the regain system means that you create a sub-game within the combat. If you get hit, sometimes you can roll back into the enemy, regain, and get a visceral. Sometimes you are put into a position and can't, eating the damage. That's what risk/reward is and it was a successful parry, so you earned that chance. There are other ways to do it but this is a good choice.
Frame analysis needs conclusions. Start-up and cool-downs are properly tuned. The only meat on this discussion is the existence of psychic parries. Counting frames to prove there is only a fraction of a second to respond is not a conclusion. You need to take a fast attack, use video capture plus frame analysis to isolate the parry window, run the numbers to calculate time data, and use video to show if they are psychic. Even more in depth would be to test and factor in lag, controller, display, etc... And even if they exist, all BB does is join a lot of other action titles out there including the best of the best.
The only issues I have with the parry system is that it is too forgiving (windows are too large) and there is no way to differentiate a parryable attack from a non-parryable.
Got the game last week... the World/Level Design is absolutely absurd.
Quite amazing stuff indeed. If only time wasn't a factor and some of the levels had a bit longer to bake.