I found it unforgiving due to the hit box issue, and I guess that would tie in with difficulty (or cheap deaths to be more accurate).
Usually, unless you're just lucky, read a faq/walkthrough, or really knew enemy and boss animations to a tee... the counter is a risky move that leaves you unnecessarily open (blocking only works with some attacks). It's a feature they push, but it's execution is hit or miss... mainly misses, which sucks.
Rolling works well, however, often you think you may have moved away from or countered an attack, only to find you didn't because you rolled/blocked in the middle of an animation and not the exact moment before it. It sucks when you see the death screen and a whip or tentacle right behind you, not even touching you (which mysteriously did).
Of course, earlier bosses this is no problem, but when fighting against Reapers or the Silver Warrior, it can prove frustrating.
I'm not big on action as much as some of the faithful on Gaf.
I didn't play Vanquish nor Bayonetta (wish I did), but I did play DMC4.
Personally, I'm not really big into overly complex brawlers or action games, so that may be why I'm a little less upset about the combat (besides the issue mentioned).
I only made it to Alma in Ninja Gaiden... I'm happy the combat is not that intense, I'd probably never have finished this Vania :lol