SC3 Raphael isn't quite as cheap as he was in SC2, but he is still pretty cheap, yeah.
I actually did managed to catch him with a few good guard impacts, but there wasn't a whole lot I could do to follow through. Like I said, he was using the Queen's Guard, which recovers health every time he does friggin' anything (and even when he stands there and does nothing too), so I couldn't whittle down his health fast enough. I probably should have used the Halberd against him (which penetrates defenses) but I stuck with the Hreas...Hrest...Hraevel...the difficult-to-spell weapon that automatically avoids some throws and ring-outs and will occasionally guard impact automatically.
Ah well, maybe next time.
EDIT: "Hraesvelger"