Just for comparison here's what a battle axe and war hammer looked like -
http://en.wikipedia.org/wiki/File:Dane_Axe.JPG
http://en.wikipedia.org/wiki/File:War_hammer2.jpg
There was a fair amount of variation, but none that were used in combat came anywhere close to the massive 2 headed kind which were in Morrowind or Oblivion.
Of course, weapons in video games don't need to be realistic at all necessarily, but I know Skyrim is going for a more gritty feel, and would personally like to see them go for more realistic stuff. I can't deny that there's some fun and humor in beating things down with massive weapons though - I loved the Monster Hunter games I've played.