I use a 38 cut weapon with 6 power strike, and it takes me 6-12 swings to kill your average Strength 2h hero in transitional (they total about 70 armor after gloves and looms). I have 57 body armor and 53 HP (can't afford ironflesh until lvl 33+ with a 1h/thrower hybrid build), and I get 1-shot all the time by Strength 2h heroes, and I never survive more than 3 of their hits.
So right now, armor makes 1h swords do pathetic damage, but high damage 2h weapons still do great damage to everyone, regardless of armor. So a Strength 2h Hero is impervious to 1h swords, and they only fear other Strength 2h Heroes.