I disagree. They're supposed to be weapons created by some of the most powerful beings in existence. And usually, they are! The Ebony Mail, although it lags a bit in protection, offers a poison aura and a sneak bonus. Azura's Star is always relevant, for obvious reasons. The Masque of Clavicus Vile is tough, and provides interesting bonuses. Dawnbreaker has a cool effect. But the Rueful Axe? It's disappointingly boring.
That's why I said MOST of them. Also notice that the Masque is the other reward to the Axe, you can't have both (unless you use a glitch, which I don't so I don't consider that ever). I like the Ebony Mail, though I don't care about the poison damage that much, I like it for many other reasons but the Sneak bonus I can put on any piece of armor and make a better one if I really wanted it. Who doesn't love Azura's Star (The Black One). Dawnbreaker has a cool effect, but I'm not a fan of it so I guess we can disagree about that one.
I've just found that I can make better items, and that's without perks or using enchanted crafting gear.
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Also, if you choose to get the axe, it doesn't count towards the Oblivion Walker trophy.