I've heard people say that speed factor was too complicated, but I liked the flavor that brought to choosing a weapon. Now, in 3.5, we look at damage, range, crit threat. Most melee weapons are nearly identical, which makes me sad face. I liked the complexity of choosing weapons and the balance that brought. I never thought it was that complex.
What are the arguments on this subject? I'd be tempted to bring it back if I ever DM'd a game.