But what I really want to discuss is Axe vs Sword. Both attack at the same speeds so can make good use of stacking benefits, so lets discuss which is better.
Last BPE, for the first time, I tried the Axe. Here is a quick review of my findings, I purchased a max damage axe (6-28 I think it was) from Lion's Arch from a guy that had 6 of them

Penetrating Blow. Knowing the effects of armour penetration, I had really high hopes with this skill. Unfortunately, due to the very large damage variance out of using axe, the 50% pen was oftentimes wasted.
Executioner's Strike. I found this to be a good skill since it delivered high bonus damage each time it was used and didn't rely on Axe's variance for good damage as Penetrating Blow does.
Axe Twist, Axe Rake and Dismember were all staple skills and very good for delivering conditions (which the axe does well).
In summary, I really like the conditions, speed and the ease of getting a good axe. however I found the damage a little too unpredictable at times. I would prefer to do consistent damage that I can rely on, rather than hitting for 36, then hitting for 8 the very next attack.
Sword.
Well Everyone seems to use one these days ... and the skills have all been very well publicised and analysed. So I will keep it breif.
There is something to say about low damage variance, you know what you are going to do and you can rely on it. Conditions are considerably harder to inflict than those on the axe, however there is a very large sword skill pool to choose from. Skills like Final Thrust, Galrath Slash etc.. are staple to sword wielder and with good reason. Finding a good sword is very hard to do, and the prices are greatly inflated.
I really think the sword is a much better option than an axe in its current form.
I really think the Devs need to look at the axe and narrow the damage variance a little to make the axe more of a valid choice in comparison with the sword. 50% damage penetration has the potential to be an excellent skill, but doesn't help alot if you hit for minimum damage.