Yeah, it's a fairly simple system that appears to check against agility, skill and weapon weight every few seconds to determine whether or not you get to swing. If your aggregate of those three factors is high enough, you swing on that tick. This makes agility look very good in the beginning, but it tapers off because with enough skill, your attack speed is fine regardless of agility and weapon weight. At that point, it's all about strength.
Strength has an inflated importance because of location-based damage multipliers. A strong character hitting you in the arm isn't such a big deal because you'll take a few extra points of damage from their strength. Then they hit you in the neck and it's a dozen points of bonus damage because the strength modifier multiplied. That leads to a situation where humans and dwarves in the upper end of the strength spectrum practically never hit for anything less than grievous on the locations that actually matter.
You're not going to die to those limb hits, it's the head/neck/wrist ones that get you before you have a chance to flee or get rescued. A human with middling strength might hit your neck for 15 damage while a strong human with the same weapon could do 30 damage with the exact same attack. In my book, +4 damage should mean every attack does 4 more damage. It shouldn't mean +12 damage when you hit the head. Things get downright comical when we then begin to talk about bludgeoning weapons and their incredible bonus to stun damage. Then we're getting into the territory of high strength tripling or quadrupling your damage.
If attack speed was more regimented, that would be easier to stomach. If the strong character hits for 30 every 9 seconds while the quick character hits for 10 every 3 seconds. But that's just not really how it works, in large part because the strong character could easily be quick as well. And once you're skilled, and especially with two-handed fighting, you eventually reach the point where you swing on almost every tick regardless.
I've always wished that stats didn't make such a huge impact on coded results. Or that stats weren't so random that one character's highest roll is Extremely Good while another gets 2x Exceptional. As a matter of fact, high-strength melee matches what I think is realistic--it's without high strength that melee combat becomes a drag as you have to nick and graze your way through fights. If you're rocking above average strength, the amount of hits it takes to kill anything is just nonsensical when you can see a similarly skilled character of high strength do the job in three or four swings. Or two. Or sometimes one, with etwo bludgeoning.
Most of the game's combat systems, including attack speed, feel like they match up with a game that doesn't have a single stat that can double the damage you deal. Armageddon's combat actually works remarkably well if you ignore that one aspect of it. Then it all falls apart when you include the wildcard factor of Exceptional+ human strength, especially with bludgeoning weapons, but even without. It simply matters too much, and the evidence for it is clear: when some joker makes a troll char to PK with, it's never an elf. It's always a dwarf or at least human with strength prioritized, and a big-ass club.
To reel in my own digression, I definitely think that it would be suitable if weapon choice had a bigger and more consistent impact on attack speed. Skill and agility should matter, but currently it's just very arbitrary. You can pick up a half-giant weapon which your super strong dwarf can just barely wield, and sometimes you'll just swing five times in fifteen seconds because the dice was in your favor, or because your skills were high enough. Or your elf can grab a dagger, but because you low-rolled, there's a twelve-second gap in your swings. It would be nice if there was a more believable rhythm to it.