[mhd]

Weapon speeds have been done since the time of the ancients (AD&D1), but I'm still not sure whether that properly models an actual real world concept.

I doubt that in a real world situation you'll get much difference between someone stabbing with a dagger than with a rapier or spear. You'll get some difference between swings and thrusts, but even that gets really muddled when you consider all the "non-attack" movements the weapon makes in a turn (parrying, feinting, overcoming reach). So you'll have to include all kinds of combo maneuvers, different degrees of stop thrusts, ripostes etc.

If it's done for game balance reasons, i.e. making every weapon interesting to PCs, that might be a good idea, if a bit complex. But for realism's sake?