Yeah, I do see some issues. The big damage for Swashbuckler is only triggerable once per turn, which generally means rogue is going to be better than the Swashbuckler at damage output. This, by itself, I have no issue with, if the Swashbuckler did have better defenses than the rogue.... BUT...
Rogues are just as capable of using a shield as are Swashbucklers, and they have the same scaling armor proficiency. The one advantage Swashbucklers have is they can use a buckler to the same effect as a regular shield, so they have a hand free at all times! Nice, but has some issues. First, the stance they have, Buckler Dance, has as a requirement: "You are wielding a buckler." This means that as soon as they do anything with the hand, wield a weapon, or carry something of non-light bulk, they drop out of the stance. Maybe this doesn't happen all the time, but it's pretty unfortunate. The 10hp per level is nice, but it doesn't add up to an overall better defenses. However, Charmed Life does, in fact, shine.
Still, yeah, give me rogue any day as overall just better than a swashbuckler. I don't think they did a good job of planning out this class TBH.