Bethesda has never made heavy, blunt weapons feel satisfying. The reason for this is that they swing way too slowly.
In contrast, the Condemned series handled heavy melee weapons much better. It took longer to heave back a heavy weapon, but the swing itself was still fast. When your sledge hammer connected with a foe, it felt like a really meaty impact.
Gravity is on your side when you're delivering the swing. The weight should effect raising your weapon, but the swing itself should *never* feel like it's going in slow motion. OB's heavy weapons felt broken in this regard, and we can only hope that this has been fixed for Skyrim.
This is an issue I've tried to deal with when rebalancing weapons, but there's just no way to do it satisfactorily with past games.
In fact, there are at least two different aspects to weapon speed, and they can't both be accounted for with a single speed attribute attached to the weapon. Bladed weapons, in general, are quicker, while blunt weapons, in general, actually swing faster, but that only once they get going.
It's straight physics - a blunt weapon, in part because of its weight and in part because of how that weight is distributed, will require the application of more force to get it moving in the first place. But once it's moving, the additional weight and the distribution of that weight means that it will accelerate faster and end up moving at a greater speed. A bladed weapon, on the other hand, being a bit lighter and having its weigh more evenly distributed, will move at a more constant speed. Its lighter and more evenly distributed weight won't lend itself to great acceleration on the swing, but it will also make it easier to get it moving in the first place and to redirect it after a swing.
That's something that I too would like to see addressed better in Skyrim, but I'm not sure if it will be. I've pondered different ways of doing it, and it seems to be one of those things that would actually be quite a bit more difficult to implement than it initially seems.
Sure would be nice though.......