I am wondering this as well, does this make War Axes the best DPS weapon?
Depends on the target. I would say that for anything that's not in leather or robes that Maces would be the best for power attacking. Swords would be the best due to swing speed when combined with double enchants. Axes are kind of in the middle of both when you're looking at non enchanted and non perked weapons, but I don't know how much the bleed matters at all. Raw damage should matter much more than a dot.
I'd like to know this as well. I'm dual wielding Legendary Glass War Axes (each with enchanted fire damage). I do alright, but if the bleeding is insignificant, I'd feel like I ruined a character that I've invested 50 hours in.
Lol, drama queen much? If you haven't been having any issues and are enjoying the game, then dumping three perks into a skill that may or may not matter is not going to "ruin" your game. It's purely psychological. If you found out that the perk did nothing, then you would be upset, even if it doesn't actually change how well you've been doing. Conversely, if someone said that bleeding was the best weapon perk, you would be happy and continue doing what you've already been doing.
On my current Archer, I am also putting points into two-handed as a backup, but I am going to fill out everything except a weapon specialization. I don't want to get stuck using a specific type of weapon just because I am limited by my perk. If I find a great mace at level 30ish, I'll put points into Maces, if I find a great sword, then I'll put perks into sword and enchant it. Axes, I'm not going to bother with because I don't know what they do, but it's not like it's really going to matter much since I'll be going 30+ levels without a specialization anyway.