I've been running some games. In full steel kit, Axes < Swords < Maces < Hammers.
However, when running goblin simulations (Steel weapons, iron armor) I come up with a bit of a different scenario. Swords won out over hammers, but it was a pretty even fight. With the steel-only games, the winning side would have 9 or 10 dwarves intact, minus a few hands or teeth. Iron armor and steel weapons left four swordsdwarves alive, and one looked pretty pulped.
With blunt impact, copper hammers still did a fine job of killing full steel or adamantine armor dwarves. Blunt basically ignores armor in this version.
The takeaway I'm getting is that blunt is the way to go against equal-or-better-metal armor, but if you can slice through the armor blades still have the edge. Ha ha. This seems a pretty realistic way to operate. In dwarf mode, you might be best sticking with blades, since you're likely going to be able to chop up your poorly armored foes - but those mace and hammer gobs will ruin your day.
ADDITION:
Playing more, I really wish I could get crossbows to work. With the increased mayhem of bluntness, it means I can't send out my adamantine terror squad like so many invulnerable tanks. To avoid messy dorf death by some no-quality copper mace, I would really prefer some long distance death - alas, the only use my dorfs have for ranged is to take the bolts and try to manually insert them into targets.
ADDITION ADDITION:
HOLY SHIT, FEAR THE LASHERS. Whips in the new version are AMAZINGLY DEADLY. Fights with whips lasted only until the first headshot, at which point the head EXPLODED LIKE A RIPE MELON. Adamantine helms, caps, etc, and iron whips, this is.