Please.. Fill in my Enormous Gaps.....
What it does is make many weapons Useless. theres not 100 Greataxe/Maul users to every ONE Falchion user cause there is a minor difference in DPS.Base Damage, Crit Range, and Multiplier are all factors, HOWEVER the rate at which you swing them is of critical importance, for a reason you yourself pointed out just a few posts above, which is that ceteris paribus there is no round in DDO and some things swing faster, therefore having higher average damage over time.
it doesnt matter if the devs meant anything or not, if a weapon swings faster or slower, that makes it's average output different than another weapon.
I digress though, this is an excellent discussion, but not the right thread.... CForce recently posts a very complete breakdown of attack speed for the various weapons Per BAB.