Here's a small exmaple of how DPS works in Skyrim. The DPS if smithed row shows how DPS will change if all weapons get the same smithing bonus damage of 10046 (smithing gives a flat increase to damage instead of scaling to base damage)
Weapon Damage Speed DPS DPS if smithed
Deadric sword 14 1 14 11460
Deadric greatsword 24 0.7 16.8 86.849
Deadric warhammer 27 0.6 16.2 7643.28
Deadric battleaxe 25 0.7 17.5 8749.57
Deadric dagger 11 1.3 14.3 14474.31
As you can see, the weapons are more or less balanced without smithing, but with smithing speed wins over base damage every time. I'd recommend one-handed weapons unless you're not interested in smithing or not obsessed with having the biggest numbers.