They get a LOT more charges out of it than you do (seemingly at least)
My friend gave Lydia the Axe of Whiterun and said she used it from level 20 to 30 without having to recharge it once (though it eventually ran dry)
So either she wasn't using it (using a default weapon or something else in lieu) or they get a LOT more use out of magic weapons than we do.
I equip my mage followers with staves..... seems to help them keep back at range and not get killed quite so much