I play about equally blades and blunts. Overall, I don't think either one has any great advantage over the other, except in a few cases.
War axes and short swords are essentially equal. They have the same reach and speed and war axes weigh a bit more, but do more damage, so they balance out.
Maces and long swords are also about equal, though it makes less sense. They have the same reach and do the same damage, but maces are a bit slower and weigh less. I can understand them being slower, but it makes less sense to me that they weigh less. But that does at least serve to roughly balance them out.
The only ones that aren't essentially equal are claymores and battle axes. Claymores are lighter and have more reach and they do the same damage and have the same speed, so battle axes have no advantages at all to make up for weighing more and having less reach.
War hammers are in a class of their own. They do more damage and have more reach than any comparable melee weapon, though they're also heavier and slower. Daggers too are in a class of their own-- they lighter and faster, though they have less reach and do less damage, than any comparable melee weapon.
All in all, to me, excepting battle axes vs. claymores, they pretty much even out, so I just pick whichever one seems most appropriate to the character.