This really bugged me because I would have really liked to use a couple of other weapons that looked cool like the steel battle axe or the silver mace but there was no point since they were so underpowered and you needed the edge a slightly better weapon provided.
The solution to this problem, in my mind, could be worked out in two different ways:
1)Have different materials/weapon types deal specific bonuses: e.g maces and warhammers would decimate skeletons and stagger your enemy more often when he/she blocks. Daggers and short swords would have bonuses against certain types of armor, silver weapons could do more damage to vampires/werewolves so basically whichever weapon you should choose based on aesthetics would also have a practical application.
Many would say that this would make enchantements less desirable but then again every enchantment would be on top of the existing bonus.
2)Since it's known that every weapon will have it's own special/finishing move I thought the way they could implement it is when you're about to make a strong hit a little bar would start to run on the bottom of the screen and you'd have to catch it in a "sweet spot". Depending on the weapon type and the player's skill the bar would move faster/slower and the "sweet spot" would be smaller/larger. As in the more effective weapons like the longsword or claymore would have a small "sweet spot" and a faster moving bar but with other weapons it would be a bit easier to hit balancing out their usual ineffectiveness. Hitting this sweet spot would either finish the enemy or deal a bigger amount of damage and missing the spot would result in your blow being deflected and leaving you open for a counter.
While on this note, I'd also like to add that in regards to the combat system, it should give you a bonus if you time your block just right before the blow hits. In Oblivion you could just stand there holding block and after your enemy attacks respond with a small combo and a power hit, rinse and repeat. So again depending on your skill in blocking if you time the block before the strike lands you'd get a chance for the strong counter-hit.
What do you think?