And hopefully axes and maces will start being useful. In Oblivion, swords were the best/strongest/coolest/most used.
Hopefully they do it how it should be done, and make maces and axes better against armor. That's basically what they were made for and best suited for in combat. While swords have trouble damaging pate and chainmail; Axes are multipurpose, they are sharp but they can be swung hard enough to penetrate armor, and maces were developed almost specifically for foot-soldiers to defeat chain-mail and plate.
If the only thing you're working with is purely damage, then it's going to be hard to balance axe, blunt, and sword without making them boring and bland, but if axes and maces are giving armor penetration modifiers then it will balance it asymmetrically and make all the weapons unique to use.
I imagine that there is at least a small degree of zone sensitive damage. I also imagine that arrows are very powerful and have the potential to kill humanoids with one hit. However, I doubt you will be able to find/carry very many arrows. You also might be harder pressed to retrieve arrows from foes.
I think Beth said that Skyrim has a bleeding system. With that in mind Im guessing arrows will cause a lot of bleeding. I know everybody is afraid of "realisums" but barbed arrows were made to stick into the target and make them bleed out. It's sort of silly to just make arrows do tonnes of damage because that's really not the case. Arrows don't have a lot of raw power, but they do cause severe injury.
I'm sure that will factor into skyrim's archer, because all things considered it would make the system more believable and more fun.