Firstly, just to say what a really useful forum this is so thank you to all the active guards that keep it so up to date. I have been looking at finalising all of my LIs recently, but had a question over which weapon type people prefer. I have a dwarf guard so can trait to get the +5% damage from axes, but can't decide between that and the +parry rating from swords. At present I have gone for a sword as my AOE weapon and an axe for my single target weapon (which I normally use in a DPS race such as SG fire boss). Both are 2 handers. I intend to do 1 handers as well so would be grateful for any advice. These will be used almost exclusively for soloing and I don't do PvP (at least not yet anyway...).
I have a human guard, so I always go with swords. You do raise a good point for Dwarf Guards though. The sword gives a parry bonus which may be better for survivability than the dps bonus from an axe. I would be tempted to take the dps bonus of an axe anyway, but the parry bonus may be worth it. I guess the question is whether the slight defensive bonus is worth the time and longer fights, which also may equal a greater chance that you take more damage or die.
Picture your dwarf with that needle of a longsword that we currently have for the lvl 100 Legendary Item. Now picture your dwarf with an axe. Any axe, really. I hope this answers your question.