if you get hit by a big axe or warhammer it should hurt you alot unless its made out of marshmallows, which last time i checked none of them were. the damage values should be fairly close across the bored and other values like durability, enchantment ability, weight etc should be the differences between the weapons. mass is mass and there is no getting around it. for warhammers and axes damage should be calculated by the weight of the weapon. not on the material since it weighs the same its gonna do the same damage. daedric and ebony would probably be more durable and glass could have a higher enchantment level or be a bit lighter and thus faster. i ended up changing the values in my game which took along time. im hoping they have something more logical this time around.
edit: added from another post.
im just throwing numbers out here, your starting character would have armor with protection of 100 and a weapon that does 100 normal damage but since its iron or steel its enchantment is limited to a max of say 10 extra magic damage. same with the armor thus with full enchantments your amor is 110 and your weapon is 110. now we skip forward to a high level character using daedric and his default weapons do 110 and his armor is 110 so they are a little bit better right off the bat. however daedric armor and weapons have a much higher enchantment level say 40 for each. making your max armor 150 and your max weapons 150. which is significantly higher than the normal steel weapons but mostly because of the added enchantment instead of normal damage. we arent done yet either. your high level character is going to have perks such as extra 10% damage with swords or the already confirmed mace ignoring armor.
these numbers are just arbitrary and they could increase the enchantment of the daedric stuff or whatnot.