I use control scheme 5. This allows me to throw the jabs, straights and hooks using the buttons. I leave uppercuts to the right analog stick. Blocking is as simple as holding R1 and moving the right analog in the direction you want to protect. Dodging is done by holding L1 and moving the left analog in the proper direction.
The total punch control is a nice feature but it's just too damn slow. In the higher difficulty modes, it's impossible for me to use it as fast as I need. You can get out a really nice flurry of blows much more easily using the buttons.