From what I've seen there's still a cooldown between attacks but it's been shortened significantly.
The cooldown was already existent in the form of invincibility frames. Testing has shown the difference between invincibility frames ending (allowing the target to be damaged again) and the sword cooldown ending is in the tenth of seconds. The number 0.1 seconds keeps popping up in my head over and over, and while I do believe it to be correct, I do have a bad memory, so it's likely some other number.
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Watch out for the crabocalypse. Some say the day will never come. But it will.
Feel free to drop by for a chat whenever.
If you'd like to talk with me about other games, here are a few I play.
Team Fortress 2
Borderlands series (Borderlands 2 is my favorite game, ever. TPS combat is a lot of fun and makes up for the lower-quality story, in my opinion)
Elder Scrolls series
Warframe (IGN is something like That_One_Flesh_Atronach)
Pokémon series (HGSS forever)
Left 4 Dead 2 (Boomer files always corrupt though)
SUPERHOT (SUPERHOT is the most innovative shooter I've played in years!)
Dead Rising series (Dead Rising 2 is one of my favorite games, and the 3rd was a lot of fun. 1st has poor survivor AI and the 4th is bad)
Just Cause series
Come to think of it, I mainly play fighting-based games.