Slow combat is going to be a real problem, but if you still get TP in 2-3 hits, and delay on auto attack isn't too atrocious, it should hopefully become a game of frequent and varied WS use, which wouldn't be so bad.
That said, it's all predicated on attack speed being fast enough that you get TP faster than your best WSs cool down. Otherwise it'll be low-level FFXI but more boring.
We'll just have to wait and see.
I do think the recasts on the non-basic attacks should be shorter, regardless.