These are actually 2 separate issues here. What they are talking about is something like "Is object x on object y" each frame; if the fps is too low and the object has already passed the collideable object, it is still not colliding because it's on the other side(although ideally, it should have collided).
What's happening here is that it is checking the beginning and ending positions of the objects. This works perfect for things like a bullet. The issue here, if you look, is that because the club is rotating, if the club goes 180 degrees in one frame, the start and end positions of the club are going to be a straight line.
Use this image for reference:
http://i48.tinypic.com/s6m3gn.jpg
This is a 2 dimensional representation of what is happening. Under normal FPS, P1 and P2 is what you will see with the collision happening on the line between, P2 - P1(it's actually a tri that is being tested, but it complicates the math and this should help you). The hit detection will never be perfect on an arc--as we say in the gaming industry: "Close enough." To use that in real life measurements, it would be like the last .5 inch of your 3ft club doesn't make contact mid swing. But anything that makes contact on that line or below(towards the point of the angle) will be counted as a collision, even if both objects have an endpoint that does not collide.
The problem is when the samples are to far apart, like if the club strikes at P3 from P1, giving you the P3-P1 collision vector. Not very useful! It would be like your 3ft club only making contact with the first 3 inches. No good at all.
Now, let's say that P1 had a rotation that came out to 160 degrees over the course of the one frame to get to P3. If you do a test on the time delta and see that it is unusually high(resulting in P3-P1), then you can break the rotation down into 2 or more 'steps'. Imagine if instead of P3-P1, you had this:
http://i46.tinypic.com/2j14psh.jpg
So basically, instead of rotating 160, you rotate by 160 / 3, check, rotate by 160 / 3, check, etc. This would be the simplest way to solve the issue with the club. Each type of movement and object will have it's own way you will have to fix it. There's no silver bullet for this kind of issue.
If you are talking about using animations for attacks, you would have to add in a lot of code to make sure the animation is not passing a key frame and zigging, making the attack miss when it shouldn't. I'm not familiar enough with the animation system in Esenthel yet to give pointers... but using a bounding volume(or more than one) the size of the attack should yield acceptable results.
And as far as the time goes... it's not something you have to worry about. Having a lower FPS does not affect the timer at all. In fact, the timer is there mainly for the purpose of making sure things DO run at the same speed. Just make sure that everything that moves is multiplied by time delta.