Liakhovic is making the mistake of trying to jab with him. He should get in, throw combinations, and go out. That worked for Ruiz, Donald, Chagaev, McCline (as long as he was in) and Bergeron (to certain degree).
Right now you may be right. Wlad has never been the smaller guy in the ring in terms of height & weight as well as reach. The difference is that Wlad is very fast a mobile with that size where Valuev is slow, cubbersome & not as powerful as his size would suggest.
The weight and ring rust are really hurting Liakovich. Looks like a different fighter than the one that beat Brewster.