So the only way to actually utilize the increase damage of DW is to tap M1+M2 at the same time over and over? If so, the what's the point of being able to choose a left or right attack if there's no DPS benefit?
The only way to have DW be useful seems to be having the DW perks. The Flurry perk increases the weapon swing up to 35% at level 2, and the DW Savage Strike (or w/e the dual-wielding power attack perk is, after Flurry) does +50% damage. So basically when you dual wield you get 2 benefits: faster weapon swing and a devastating power attack.
I felt the same way as you, but you just need to get all of the power attack perks and the DW perks, then dual-wielding becomes AMAZING, dare I say OP.
Oh there is also the benefit of more enchantments, up to 4 enchantments at your disposal with the Master Enchantment perk.