At 200 ping and above the experience probably won't be very enjoyable if you're trying to play seriously and win. Perfect blocking is the one thing that will still remain decently possible, but the timing of your attacks and movements as well as your distance management will all be severely impaired which means you will get your own attacks interrupted when you thought they wouldn't be, you'll be hit when you thought you dodged an enemy attack, and the enemy won't be hit when you thought you could hit him.
The aspect that will be the most impaired is probably chasing enemies, because running after them to close the distance will be impossible to achieve when you are always late in reacting to their movements due to your ping.
Fast styles will also be incredibly hard to deal except if you spam, because if you don't spam and try to time your swings you will pretty much always be interrupted.
Like Ben said you won't be able to react well even if you have the skill to do so at low ping, due to your actions being delayed (you can counteract this a little bit by modifying your own timings, making them more early, but that can only get you so far), so you should rather play using already set schemes regardless of how the opponent may be reacting, if this still isn't enough the only way to outplay him will be to predict what he will do and act in consequence with modified timings compared to low ping (earlier timings).
But hey, using well-executed set schemes will already be enough to beat 95% of the players even when your reactions are delayed. Well, as long as they aren't running, and even then you can use pull 3.
