Did you see any of this in the videos we've seen? I sure didn't.
The animation lock most of us are complaining about and don't want is the animation lock where you SHOULD be able to move, realistically, but cannot, because you are arbitrarily rooted in place. Where the desired movement isn't logically possible, it still makes sense to keep the player in place. You lock the player not based on the animation itself, but based on when it makes sense to be able to move or not.
Good gameplay mechanics also avoid issues with your second possibility: If the gameplay mechanics are well made and you move in the middle of your attack, if you are not in a position where you can hit the enemy, then that hit misses. simple as that. That is, you design the WS so the hits are actually timed at various points in the attack (to correspond with where the animation is actually "striking"). Then you do checks at these times as to whether the player is facing the target or not.
Animation lock can very greatly in its level of obtrusiveness. In a bad example like XI and XIV 1.0, you can't move for a very long time after an action- a much longer time than is realistic based on the animation. In a good example, the animation itself might move the character (e.g. a leaping attack where your character moves forward towards the target actually moves you there) and the control lockout ends immediately on reaching the target point.
In short- sometimes it is realistic to lock out control- but those lockouts need to be realistic rather than simply being from start to end of a model animation.
See above. multiple hit attacks are completely and totally doable without having animation lock.In order to maintain 'Realism' (*see definition above), either multi-hit weapon skills need to go, or animation lock needs to stay in some form.
To me, a great example of the animation lock situation is Zelda: Twilight Princess vs. Zelda skyward sword. In the former, you can swing your sword any way you want while on the run. No animation lock and it works perfectly- it wasn't unrealistic at all.. In Skyward Sword, there is animation lock when you swing your sword. This was very frustrating for many people coming off the previous game which let you swing while moving, because every attack stops you dead in your tracks.
Real life human beings aren't subject to animation lock, why should our characters in game be, if you're talking about realism?