Arguing about the merits of greatsword versus greataxe is fruitless when we can't look at the complete rules.
By that logic, Talath, we wouldn't be able to argue about ANY of the rules, and what the hell would we do until August?! Ugh, I might have to go read a book or write an adventure or something! Such drudgery!
More seriously, because I'm a really serious guy, we can go on the October rules, and assuming they've not changed in really fundamental ways, the core of the argument remains the same - The GS is going to do a tiny little more damage on average (increasingly less more as you get a wider crit chance, but always more), but much more importantly, will really strongly average around 6 to 8 damage, where the Greataxe will be equally likely to be 1, 12 or anything in-between!
The one thing that may have changed will have put the GA a little further behind - we've heard rumours that they changed crits from maximize and add one of the weapon's damage dice to simply "double damage" (as per 2E, presumably different to 3E's varying crit multipliers and ignoring of bonuses), which to me, well seems like a bit of a retrograde change, despite the simplicity, because it increases the power of static damage multipliers, removes the one interesting facet about the GS, and means good old-fashioned 2E/3E-style crit scenarios will be back: "NATURAL 20!" *Cheers* *Damage dice comes up 1* "I crit... for 2 damage..." *Swearing*.
[MENTION=2525]Mistwell[/MENTION] - Yeah, I just think it's actually an interesting point - the value of being able to single-target one-shot, say, 15HP decreases significantly as levels and enemy numbers increase - it goes from being a serious fight-winner to, well, kind of meh. Even if you one-shot 3 Orcs in a pack of 30 (a number I saw plenty of times in 2E), that's not much of a dent - even if they can only hit on a nat 20, they're still a huge threat. Whereas AE spells which can do similar damage become ever-more significant, because whilst maybe they could only one-shot 4 Orcs when there were only 4 to toast, now that there are 30, they can still do it!
This shouldn't surprise me - it's exactly how 2E worked out, after all. It's not necessarily a bad thing, but it's quite a distinctive characteristic. Hopefully they don't JUST use the "THROW MOAR ORCS!" approach, and also sometimes throw smaller numbers of levelled-up Orcs or the like (2E did, so I imagine they will).