Ovinomancer
No flips for you!
Doing the math, a fighter of level 1 or 2 (so no archetypes to worry about) with GWM/GWF kills hobgoblins faster than one with TWF/TWF (feat and fighting style). It's close, but the GWM/GWF guy wins. He also beats the dual-wielder in killing goblins.
I'll come up with more specific math shortly.
I did that math, too. I got that GWM not power attacking vs Hobgoblins is a tad shy of 3% more effective (SEE EDIT 2). I don't think you'd notice it at the table at all. A power attacking GWM is about 3% worse, and again, I don't think you'd notice.
Vs Goblins, a power attacking GWM is about 25% less effective than a TWF, but a non power attacking GWM is about 15% more effective than the TWF at killing goblins.
This is a bit of a tricky comparison, and for simplicity I treated foes as either 100% healthy or 100% dead, so no carryover damage.
Method:
1. Determine likelihood of normal hit.
2. Determine likelihood of a normal hit killing foe.
3. Determine likelihood of critical hit killing foe.
For GMW:
4. Multiply 1X2 above and add to .05 x 3. This is the chance for the first swing to kill a foe.
5. Add the result of 4 to the square of 4. This is the chance that the first swing kills plus the chance the bonus swing kills.
For TWF:
6. Multiply 1 and 2 above and add to .05 time 3. This is the chance that a single hit in a round kills a foe.
7. Square 1. This is the chance that both attacks normally hit.
8. Multiply 1 times 0.05. This is the chance that one attack hits and one attack crits.
9. Square 0.05. This is the chance both attacks crit.
10. Determine the odds that damage from 7, 8, and 9 kill a foe. Multiply times their respective hit chances. Add together.
11. Add 10 to 6. This is the sum of the possible outcomes for both attacks to kill a foe.
Hmm. Just realized I failed to add in the chances for TWF to kill a foe with each attack. That will plus TWF up a bit, but not much.
EDIT: I was wrong, it brings TWF vs goblins into parity with GWM no power attack. This is due to the better than even chance to kill a goblin with 1d8+3. It does do very little with hobgoblins.
EDIT2: I also just realized I didn't account for GWF. That's makes GWM no power attack about 10% better than TWF vs hobgoblins and the same with goblins. Which makes sense, as GWF is about a 10% increase in damage output for 2d6 weapons (this actually varies based on flat bonus).