Alright, lets ignore the fact that i hate what they've done with dual wielding. Despite the fact i'm still going to try it, i think- ... not important right now. Anyway:
...
Is there something i'm missing here, or is this pretty much spot on?
I agree so far, given what we know. Not really seeing any reason yet to bring a knife to a gunfight. Unless my char was in an actual stealthy assassin's situation, it'd just be the regular road bandit with a sword.
That aside, people have already mentioned stamina and weapon weight and awesomeness-factor (??). Not sure how weaponweight affects stealth yet. Then why equip anything at all? Just walk up barehanded, then equip a Favorite, and wham. Wait and see, i guess.