In AD&D speed factor didn't relate to hitting first against another weapon, unless:
If initiative was tied between 2 combatants in melee, then a weapon with a much lower speed factor (difference of 7, IIRC), then the faster weapon got an extra attack: e.g. Dagger - Two-handed sword - dagger. This rule gave a slight but concrete disadvantage to the largest weapons.
The other thing speed factor was used for was to compare against casting times.
Using speed factor to adjust initiative for fights in progress doesn't make much sense. Reach is just as important. You don't get proficiency in dagger because you think you can hit the guard with the longs word first. You learn it because it is a versatile weapon that you can carry with you anywhere without raising eyebrows.
right on many points, but the extra attacks from a dagger when combined with Weapon Specialisation or god forbid double weapon Specialisation could decimate people in 1E. That is even before you factored in the 3/1 throwing rate at 1st level going up to 5/1. Field Plate with a high plus dagger FTW.
It did not take long to realize those rules were broken. I do think better mathematics could yield a better result...but ultimately the fact that people most often used the simplest iteration of 1E, roll to hit, roll dmg and most often ignored the other rules is what made it fun.
You could play what you wanted or needed. Going camping and you just want character sheets, the DMG, and dice and you were good to go. Want use those same characters next week in a super detailed aerial combat with the players on Hippogriffs versus a Githyanki Raiding Party on Red Dragons using miniatures and wood block pillars for elevation no problem.
You could dial the complexity at will, and people accepted that some scenarios might have more rules than others.
I want to see THAT taken to D&D Next.
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