I've made a fort in .34 with the intent of finding out which weapons performed well under which circumstances. Here's some insight on the more common weapons:
1) Spears work extremely well against everything that's living, they let you use a shield, they're cheap to mass produce. In combat, they usually incapacitate enemies with 1 hit or 2. Limb hits usually result in a useless limb and body hits almost always result in badly damaged internal organs. Size doesn't matter for spears, they'll work as well on a fully matured dragon as they will on a goblin.
2) Axes work extremely well against small/medium sized living targets like trolls and goblins and they let you use a shield. In combat they almost always incapacitate limbs with 1 hit but body hits aren't that useful. Against larger enemies who's size is in the millions, axes are a very poor choice and your best bet will be to bleed enemies to death.
3) Short swords are a mix of axes and spears and are *the* weapon of choice for adventuring that I've found. You can slash off limbs easily and you can pierce the body easily with them. In fort mode they're not as effective as axes vs. small targets but they're better against large targets; they're also not as effective as spears overall.
4) Greatswords and greataxes are the best weapons in the game, by far. An adamantine greatsword can and will cut cave dragons and other large creatures in half with a body shot. Anything smaller is pretty much guaranteed to be cut in half in the material is good enough. Of course, you can't use a shield with them and supposedly maintain their optimal hit rating, but when it comes to raw killing power these weapons have no equal.
5) Blunt weapons suck in vanilla against living targets. Sure, they'll get you kills eventually (or very quickly if you get a lucky head shot), but overall they're rather puny. If you modify bones to have less pain receptors (in vanilla, breaking a pinky is more harmful than having your kidney skewered by a spear), then blunt weapons become truly awful. Unfortunately, they're by far the best weapons against undeads, so if you're embarking on an evil region, you'll want to use blunt weapons. I saw a thread about blunt weapons' effectiveness against undeads, but I don't have the link saved. You'll have to dig for it for the results, but the results showed that there were clear winners when it came to undead slaying with blunt weapons (mauls I believe?).