It always feels like it's a few pixels too shy. It's like the hitbox feels more accessible to the south and the weapon has a very narrow margin of error to protect yourself. It could be a matter of perspective due to the graphics, but I always have more difficulty fending off enemies from the south. I've also begun to question if there's an equality to the attack range from the north and south of the character.
This has resulted in numerous in-game deaths and enough money in my personal swear-jar to send a child to college. The weapon should always, always, ALWAYS attack in the direction you're facing, in my opinion.
I'm playing on a PC with Mouse & Keyboard and 75% of the time my character swings the weapon in the wrong direction, despite facing the correct direction and having the mouse cursor nowhere near the character itself. I love the combat aspect of the game, but I absolutely hate the mechanics on a coding or technical level, I think.