@Baratan: what's your interpretation on just what "dwemer metal" is? Bronze?
I'm not Baratan so I'm not sure I should be answering. But I've seen at as almost
(Since it's better than steel.)

You're right. I perceive it as being magic bronze.
Standard Ebony Sword seems to be using the Vanilla Steel Sword model.
http://www.skyrimnexus.com/downloads/images/2933-1-1325191610.jpg
Am I wrong?
You're not
entirely wrong. In replacer version 0.3.1 ebony swords use my Nordic Ebony longsword mesh/texture. That doesn't mean the old Dunmeri style ebony sword mesh doesn't exist with new textures, it's just not being used. Without the CK I'm only releasing my mod as mesh/texture replacers. If you want, you can use Nifskope to use my new textures (which are included in the download) on the vanilla style Ebony sword. I put together my replacer with the weapons I wanted to see in-game, and I chose the Nordic style longsword to represent my ebony material. The vanilla Ebony style is what I consider 'Dunmeri' style and is, in my opinion, out-of-place in abundance. It's not that it will not be unavailable in my full release, but it will be uncommon. The basic & Nordic style meshes will be the most common.
They're not hue changes, not even close! They're new textures based on materials I've put together and a little Paint Shop Pro X magic and a
lot of time. An exact and specific list of what is replaced with what is already included in the patch notes section of the read-me. Ever basic weapon mesh/texture is replaced with one of my mesh/texture combination. I chose what I felt most appropriate. I have about 700 textures included overall, but you will only see as many as there were already weapons in the game. It won't be until after the CK is released that I add all of the variations to the game with the most common variation probably being what you see now.
If you like the vanilla weapons/textures, simply don't use my mod. If you don't want the vanilla weapons' meshes/textures replaced, quit using mesh/texture replacers. I personally think the Nordic style Ebony longsword looks a lot better, and more appropriate than the fantastic 'Dunmeri' style used in vanilla.

Post-CK release, the vanilla ebony sword will exist in-game as a "Dunmeri Ebony Talwar"(name pending)