Glad you like the idea ^-^
I think something like this could be really fun, and making combat much more dynamic and IMO really increase the replay value (Good combat system = Replay value, see my post about Demon's Souls, again IMO)
However this means that either we would have to use the right mouse button to move (which can be inconvenient, try kiting when you have to "draw" the attack) or the WASD would be the primary way to move your character, and since W is all ways Forward and not North I guess it would require some getting used to. Even if that's something I wouldn't mind, BM already stated they want quite simple controls, so I doubt something like this will be in the game. But you can all ways dream
Whatever the default attack type is could ofc just be a changeable option in a menu
Any way, I'm using imageshack to get the URLs
http://imageshack.us/
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Edit: I just read some of the updates again and stumbled across this. "We want a realistic game and even a slight increase in your swing speed or the reach of your weapon can confer a huge advantage in combat. Individual weapons feel different and you have to learn to wield them as a player."
So to ad this thoughts to the concept/idea, I guess if you move your mouse faster, your character will try to swing faster. (ofc skill and strength would determine how fast you actually can swing) And since different weapons have different shapes and lengths, you would have to learn how to use each weapon. for instance a Greatsword might not be able to do the same types of manoeuvrable attacks as a dagger which mean that in order to use a Greatsword efficiently, you need to learn how to "draw" your attacks in a way that works.
I can't really explain this in English so I drew another picture
Basically if you "Draw" the cursor from Green to Yellow, your character would be able to perform that move with a dagger, but if you try with a Greatsword, your character won't be able to perform that manoeuvre and instead he'll go from Green to Blue.
Simply, the Greatsword is to heavy to turn it like the dagger. (And ofc if you do a faster attack, the curve would be straighter)