Yeah, no point in comparing it with twohanded blunt weapons. Polearms are comparable with polearms, twohanded - with twohanded. You can't really say what is better when you compare different weapon classes.
Now as I think about it, some weight buff wouldn't hurt, seeing as axes and bardiches weigh 3.5+, LHSM should weigh the same or even more. But otherwise it's good for its price and just overall good.