As a prototype its nice. Controls would need work as well as the tightness of the inputs. As soon as you stop moving you should be able to punch/jump, but apparently theres a time you have to wait first.
I wonder how this combat system would fit into an adventure game? It's clearly an arena you fight in, so i guess you get this combat instance once you find enemies like in some JRPG? Also if you wanna give the player the chance to switch weapons in the fight, it also needs really good input shortcuts to not be annoying, otherwise someone like me would just not do it and rely on the initial weapon setup.
The camera movement works really well and the movement/orientation of the characters do their job too. I guess thats what most of the work went into, so good job. Now do the adventure part!