Did you take into account the 200ms that's purposefully added? The behavior of alt-tab on windows is also: if you press fast (within 200ms) you don't get a UI but the switch will happen. After holding alt for > 200ms, the UI is displayed. Taking that into account, does the UI display after a delay significantly longer than 200ms? Please open a ticket if it does, with your hardware specs.
> It also doesn't seem to support any form of drag-n-drop
That's a great idea! Please open a ticket
> Nor does it seem to support command-H/Q, or play well with Spaces.
There are 2 tickets opened currently for these 2 things. Hopefully they get implemented soon