Well, ToadyOne has mentioned martial arts, from time to time. So we can hope he's got some inclination towards making the use of weapons a more complex operation, as skill levels increase.
By the way, axes should tend to do more damage than swords, and be harder to stop with armour or deflect, but in turn, difficult or impossible to parry with. Axes are pretty easy to maintain, but the blades do chip and dull, and the handles are vulnerable. Axes can also get stuck in wounds, more easily than a sword. A highly skilled axewielder can make extremely quick frontal strikes, by "twirling" the blade over and under, a bit like a baton (Vikings did this, historically). Double-bladed axes (to clarify: one head, with two blades on either side) are more useful than single-bladed axes, but also more dangerous for the wielder.
Hammers are basically axes without a blade. They're extremely simple to use, and won't get stuck in wounds, but there's only so much you can use them for. They also don't do as much damage as an axe, although they're the most durable of weapons--The don't requre a lot of maintenace, and no sharpening. A rusty hammer works just as well as a new one. To give an example: I actually own a hand forged ball-peen hammer that I dug out of a riverbed after it had lain there for atleast a century, and it still works just fine. Better than a lot of modern ones, actually. I've had a lot of handles break, but I don't think I've ever had any hammer head so much as crack or chip (although "claws" do occasionally break off on a clawhammer). They can parry a little better than an axe, but nowhere near a mace, spear, or sword.
Swords get their strength from versatility. You can design a sword to do practically anything, and get more and more out of it, the higher your skill. Without quality or skill, however, it's basically just a metal club. Swords need a great deal of maintaining, even if they're dull, and blades can chip, and sometimes break. Swords can be used to either slash or thrust, but they can get stuck in wounds. A properly designed sword will puncture plate armour, effectively. Unlike other melee weapons, swords can be used to disarm an opponent. Of all the weapons here, a shortsword requires the least amount of room, and is the easiest to use, in formation, but are very difficult to throw, effectively.
Maces, on the other hand, are pretty flexible, second only to swords, with the additional advantages of simplicity, and durability. They can be used to parry, and can be used to "catch", and even break a sword blade. They require more skill to use effectively than a hammer. The biggest disadvantage of a mace is it's unwieldiness--swords and axes are lighter and much faster, while hammers are easier to use, and slightly better against armour. Another disadvantage is that maces are fairly easy to disarm. They also don't make great throwing weapons. You can think of a mace as being, very basically speaking, a "poor-man's" sword, with a handful of advantages.
Finally, spears are fairly simple to use, but harder than a hammer, and they do require more room than a sword, to use optimally. Particularly when used in formation. It's also harder to thrust effectively, than it is to slash or bash, especially when using a spear, in combination with a shield.
A spear can be used for all three, ofcourse, but it should be obvious that they're primarily a thrusting weapon. A speardwarf with the same skill as a sworddwarf should have the advantage (of reach), out in the open, but be at a slight disadvantage in a tunnel, etc. Spears are probably the most "delicate" of these weapons, and require just as much maintaining as a sword, with added handle vulnerability, which is greater than an axehandle.
It would be nice to see our dwarfs getting daggers, "morningstar" type flails, halberds (if they can wield spears, they can wield halberds), and maybe have the "shortsword" broken into a couple of different types (makhaira, baselard, kopis, cutlass, arming sword, cinquedea, gladius). Dwarfs should also atleast get some kind of 2 handed axe (hafted axe/lochaber axe), in my opinion, and maybe mauls, as well. Allowing our dwarfs access to halberds, hafted axes, and mauls, would give us the tactical choice of "shield/no shield". A nice choice, when your dwarfs might be facing off against hordes of goblins, or a single hydra--especially when you've got access to high quality plate.
The lucern hammer could function as a "two-handed pick" weapon, for that matter.
Longer swords, especially the zweihand variety, and pikes, could remain the domain of humans, while elves get longbows, and goblins get scourges.