Excuse me for thinking out loud here, but I might be representative of many who try hard to wrap our mind's around the way this system works. The batters all have hit rates as well as contact rates. Now if first the system were to determine if the ball were struck or not, it would then matter a great deal both that the pitcher, as a high K pitcher, made it less likely that contact was made. Then, based on the batter's hit rate, how likely if it were struck by the bat to become a hit would likewise be crucial.
If legaldh is right here, then this is all circumvented a priori by the determination of an out before deciding whether the batter swung or then whether he hit the ball at all.
zubinsum, I agree with the last part of your post, but in the first part, if I have understood it correctly here, it would matter whether a K out is decided before or after the fact since it either does, or does involve the contact and hit rate of the batter in this calculation - in relation of course to other variables like the defense or stadium, wouldn't it ?