The secondary modes on the axes were considerably buffed. The iron war axe, for example, with 31p at +3, becomes a great close quarters sidearm that helps fill a hybrid niche of a shieldbreaker and tincan opener (don't need a fast weapon for either) without costing all that much.
Either way, shields have their pros with a few necessary drawbacks. It is easier to fight with manual block no shield due to the movement increase, but the mental stress of having to block and dodge projectiles all the time can be annoying. Shields don't do much against archers that are specifically pinpointing you, but they do help when they have multiple distractions to deal with.
Shields break fast enough for them to receive use without being overpowered, and the defensive shields are slow. You probably get as much utility from 1-4 points in shield as most other skillpoints. After that, shield skill tapers off immensely. If shield skill were useful for things other than equipment requirements and a small defensive boost (negated by picking up additional shields off the ground), it would be nice.