Ok, lets compare it with the warhammer:
Steel Pick
weight 2.25
requirement 12
spd rtng 100
weapon length 64
swing damage 33, pierce
thrust damage 0 pierce
Warhammer
weight 3
requirement 15
spd rtng 99
weapon length 65
swing damage 31, blunt
thrust damage 18 pierce
Knockdown
The steel pick has 2 more damage and is one point faster. But the warhammer has a little bit more range and - very important - it has thrust and and knockdown. So I dont see that the steel pick is better than the warhammer... imho the warhammer is even more usable and so should be more expensive... and... it is more expensive. Also the warhammer has more weight so the stun with 1h blocking should be not so bad.
Anecdotal evidence of many kills is weak evidence when it comes to balancing. It's easy to find a lot of kills if you just swoop in for killshots or go after less skilled players.
Do you think its weapon dependend whether player are trying to find easy kills? Killing player is the goal... imho there is no better measuring stick.
Whatever... we will see. I heirloomed the pick and i will stick at the pick.
Edit:
Why do I use it then? It looks nasty and I like the sound if I hit somebody.
I used the warhammer about 3 months as primary weapon last fall. So I know both quite well. I cannot say which weapon feels faster in normal usage. I usually use str builds... so i dont optimize speed. What I really miss is the thrust.
The knockdown was very cool, but you have to do a fast up-down swing to hit the opponent the 2nd time. If you get used to it you can often do a very quick kill.
Edit 2:
There are 2 different damage types... so let me add this:
warhammer 31 blunt against 40 armor with 18 str and 6 ps and 140 wpf deals in average 29.5 damage
steel pick 33 pierce against 40 armor with 18 str and 6 ps and 140 wpf deals in average 31 damage
So the steel pick has less than 2 points more effective damage than the warhammer.