No, it really is the PvP. I recall the "epic battles" (and insults, so many insults) I got thrown about with by PvP players when complaining about armor in EA.
And no one listening that what works for 10m PvP matches might not do so in a 100H SP-game.
Now playing the game I do keep 2 physical/2 magic just because I want to. But it's always having to put these 2 on different targets since sharing is pointless. And a lot of times one of these groups just throws up buffs instead of fighting since fighting is pointless. It doesn't feel great.
Also stats distribution is lame. STR/INT/FIN it is, no point spreading out. I often wonder what to put my stat-points in since, wow, 5% extra, so great. But what's the alternative? It's all so meh, the real actual buff of your characters being in getting in more armor or better weaponry. My Ifan is OP since he got an OP crossbow, meanwhile the rest is stuck with avarage weapons and do avarage. Couldn't do the arena fight until I cleared the whole fort since before that I didn't have enough magic armor points to not just be blinded till dead
It's a good thing the game has other things going for it (but I HATE it at the moment for the Gargoyle Maze) cause it's combat system; it's not very interesting.
(But questing is also hampered by lots and lots of issues, but that's another discussion)