What I seem to remember is that falchion turns out to have suck-ass damage, compared to the other weapons. Most of the other weapons are fairly balanced, all things considered.
(checks his math)
Falchion does average of 5.75, greatsword 7.7, greatclub 5.775, and greataxe 7.15.
With +4 strength mod:
10.35, 12.1, 9.975, and 11.55
Even an improved critical or keen falchion is still only up to average 6.5, which doesn't even match the other two-handed weapons.
AND the falchion is the most expensive two-handed weapon! But it's relatively light...
Edit: Doing a little math, a falchion ties a greatsword with a Str mod of... wait for it... +39! Wow.
Or only +19.5 comparing keen or improved critical versions.
Mmm.