Training up block with great sword will give you as good protection as blocking with shield. You can reach 85% damage reduction cap with a greatsword as easily as with a shield. Not only that, bashing with sword does more damage than bashing with shields.
Major drawback of having two-handed weapons is that in the early game you have lower armor rating. That extra 30 to 50 points of armor is a huge deal in the beginning. That disadvantage goes away as you level up, and your armor rating goes up. Another thing is that shield gives you extra slots for enchantments. And in my experience, you do not block arrows at all with greatswords, while shield blocks quite a bit of arrows, even without the block arrow perk.
I tried a two-handed warhammer build recently, and decided that I greatly prefer one-handed weapons over two-handed. I just didn't like the sluggish feel.