Tetsubo said:
I think that the Greathammer is a far more balanced weapon than the Spiked Chain. The Greathammer is just a straight upgrade to a two-handed hammer. Not much of a stretch from reality. The Spiked Chain is a purely fantasy setting weapon that has no equal in the real world.
The thing is, it has an improved hammer damage, AND the crit multiplier of a pick. Comparing to the other exotics:
Dwarven waraxe and bastard sword: damage upgrade only
Two-bladed sword: Crit range downgrade, TWF upgrade
Warmace: Two damage upgrades, AC penalty
Stupid hammer-picks/rapier-chains etc: TWF upgrade
The goliath greathammer is the only one I can think of that gets two upgrades with no penalties. Then throw in that it's handy for a +1 LA race that can wield Large weapons...
For +1 LA and one feat, the character has managed to acquire two damage upgrades and a pick-like crit multiplier. The amount of damage is simply out of kilter for a less than ECL 6 or so character. Let's not even talk about frost burst greathammers, Improved Critical, and Power Critical.
The spiked chain may be bizarre in presentation, but at least you can picture how it might be wielded (as opposed to the dire flail or the- HA! - two-bladed scimitar). Certainly, you could substitute chain weapons out of OA if you disliked it intensely.