Ancalagon
Dusty Dragon
I think the important thing is to be fair to different characters/players.
You can't be picky on a player who wants her character to switch weapons during combat, and then totally handwave it for a cleric who wants to use a weapon, a shield, and a focus in the same round. You are either picky on everyone, or go easy on everyone.
Yes
There are also balance issues at play. A character who has a two handed weapon has a free hand to do stuff (you can't *swing* the great axe with only one hand, but you can hold it with one hand momentarily while your other hand does something). Handwaving the "hand economy" (pun intended) affects balance of different fighting styles and weapons.