This is actually my first time playing this game. I found out about it via the new Fallout games and thought I'd give it a shot.

I had a quick question about weapons and how their stats are displayed. According to the wiki, an iron long sword does more damage than an iron dagger (makes sense), but if you look at the stats in the inventory interface, they both have an attack rating of two. Which is more accurate? And, if the wiki is right, what does that stat mean in the inventory? Thanks.

The stats in your invy, is based on your strength and skill. And the weapons current health. At low levels you will reflect a min damage of that weapon. The stats in the wiki, reflect damage from a char with a STR and BLADE of 100. ( I think that's right ) Luck plays a part as well. http://www.uesp.net/wiki/Oblivion:Weapons is the wiki link.

The game will round off the damage to the nearest whole number. Not much diff between the iron daggar/long sword at very low levels. Likely your daggar is something like 1.6 and the long sword 2.2 and the game rounds them both to 2. As your blade skill and, to a lesser degree, your strength increase you will begin to see a bigger diff.

That makes sense. Thanks for clearing it up.