Devil May Cry 3 says hi.
[youtube]http://www.youtube.com/watch?v=3T_RdUPNg6k[/youtube]
Personally, I found Twilight Princess (and Zelda games in general) not ... that great. I mean, they're just far too simple. For what they aim for, though, they're not bad just not that "amazing" to me now. My only gripe then is that the game is about 5 steps below "Christ this is easy," and it only gets easier with every game (seriously, an in-game solver for the next release?). Also, PH was terrible but maybe I'm still biased by that god damn place you return to every time you did anything. ANYTHING.
Most the "flashy action games" win my vote for best combat. There's just something fun, to me, about pulling off crazy insane shit, for lack of a better way to describe it. That's also probably why Kingdom Hearts combat is fun and yet Infinite Undiscovery is not (as much).
Incidentally, IU has the sheathe/unsheathe for different buttons. I don't really agree that KH is the same since it's an automatic switch but that just depends on semantics I suppose as, really, they're the same. In IU, there's a few times (even early game) that you swap between combat and "non-combat" to get through an area (the intro "dungeon" actually). As for character swap, IU also has you stuck with the MC but you can switch to the other characters for small things (i.e., switching control to Aya to use her sniping).
Edit: More precisely, you press X (was it X?) and then choose one of your three party members and you get to do one of their specials. To say you get to control them is a bit ... wrong (though for Aya you do since ... you need to manually aim it). More of an issuing of orders, I guess?
Also, IU was terribad but I mostly blame slow story (AND GOD AWFUL VOICES). The combat wasn't bad, really. I haven't finished the game however so ... who knows. It got put on the shelf due to real life and hasn't left due to other games >>
ToD Remake (PS2) also has character swapping (shown at around 5:35):
[youtube]http://www.youtube.com/watch?v=TdaWWEo9Hzc[/youtube]
Anyway, this kind of stuff is what I love from a "free" combat system. Stuff like combos and other ... well, ridiculous stuff that looks awesome to watch as you do it. Crazy stuff like this.
Yet I still play more turn-based RPGs then these

Oh well. Looking forward to Bayonetta I suppose (CLIMAX ACTION GAME ... ... ... oh dear Kamiya).