Since the arrow addition for thrown objects I can now tell why point and click targeting is not accurate in Spiral Knights. The mouse pointer is floating above the actual target line and thus when not facing north or south your pointer direction is at an angle to the target direction and thus always causing the player to attack below the intended target.
The suggestion is this: Either add a shadow to the pointer so that we (as players and customers) know that the targeting is angled based off of pointer position OR (and probably the actual fix that should be focused on) replace the mouse pointer so that it is directly in line with the target line angle. In other words move the pointer to ground level so that when we point east or west the attack goes ON TOP OF the pointer rather then under.