All the update is doing is giving 1H the same attack ratio cap as 2H which is an increase from 2.0 to 2.25. This is only important in big zerg fights where your being super buffed by a COR and two BRDs, otherwise you'll rarely actually hit that cap. A monster with 400 defense would need 900 attack to cap @2.25, that's an EP to a 99 player. Anything higher requires more attack though defense down effects do become extremely potent at that level.
Honestly the big difference between 1H and 2H is the gear, 2H just gets so much more raw +attack and +STR along with native access to +attack JA's. That's without going near the insanely powerful JA haste effects they also get to go with all that. 1H could have a chance but only if SE allows the upcoming modification to LR to apply to them, which it appears their not doing.
Now after all this you get to see that Sword + Board is at the very bottom of the damage scale, so far down that it's simply not worth using. You sacrifice too many damage for nearly nothing in return, only PLD's get anything meaningful and even then it's still not worth giving them a slot.