So, is the icon changing from a circle to a sword just a cue to counter or will it work on any enemy? Even if he's not directly targeted?

Really, really enjoy the counter system but, against multiple foes, it seems like it could be an issue.

Feel like the window of opportunity is just a little too small though - especially that getting it wrong doesn't cost you anything. Just hammering the attack button while holding block is a perfectly valid tactic that will result in a counter 90% of the time which seems to defeat the skill based point of the whole thing.