From what I've seen so far, the quality of the shield has proven more important than timing, i.e. skill. I would say parrying is more of an offensive move than defensive now, a way of receiving a diminished blow to create an opening. Regular blocking sorta kinda works, but dodging and footwork are both more reliable and effective. High health is important for avoiding staggers, but this doesn't seem to be directly related to shields beyond limiting how much you're allowed to block.

So yeah, shields are in a less-than-great place right now. Consider it an opportunity to explore atgeirs and other two-hander weapons.