I agree with all of the above and I would like to add: material synergy: using the best material in the right place. Using a very rigid material for the haft of a warhammer will confer much of the impact energy back to the wielder, while a more pliable material will absorb it before it boomerangs into the wielder's hand.
The effect of a blow on a high steel hammer head of a full body swing on an anvil will be a dynamic, bouncing wave inside the hammer head. If this head is thoroughly hardened it will develop micro fractures that will lead to a full crack in the hammer head, but the nice thing about high steel is that you can temper it how you like. So the best construction (and why it is +10) is that the smith should harden just the tool ends (the ball and peen ends, or the face of the hammer) and leave the core of the hammerhead more soft so it can dampen the ridiculous impact forces.
Another factor important for weapons is pliability. If a sword edge is too pliable it will bend and dull in a single blow on armor, if it is too rigid it will fracture and break. It should be just right, hence conferring a higher bonus on your sword if it is made of mithril or lean, which will not dull or fracture.
Sometimes I allow for special shapes that do more damage, that are allowed for by the used material, such as saw toothed edges or wicked flanges on maces, etc. Soft iron will not be up for the rigors of such construction, while high tempered steel will be perfect.
In my campaigns I use a crafting system that relies more of the crafter than on materials or magical bonuses. there are several bonuses which apply to a given item: craftmanship bonus + material bonus + construction bonus + magical bonus.
- the craftman ship bonus is a measure of how well the item was made. It is determined by how much the crafter rolled over 111. Every 20 confers a +1 bonus. For every race there is a maximum that they can attain: Humans +5, Dwarves +7, Elves +9 and Noldor +12.
- the material bonus confers its bonus only if used properly and better materials are more difficult to craft, so it confers a hefty penalty when trying to craft difficult items (limiting the craftmanship bonus)
- construction bonus: laminating metals or wood, special tempering, adding spikes and other damage enhancements will confer a bonus, but also add difficulty to the crafting roll, so it is also a dual edged sword.
- magical bonus. If a blade is made of mithril, or above, it will count as magical and cannot be made more magical. For non magical items the enchantment brings only a +5 bonus. This bonus is nearly always magical guidance (or magical deflection in the case of armor), but the alchemist must still use the correct spell of bringing the item to that bonus: so a white alloy spiked chain (+20 nm) can be enhanced by an alchemist to (+25 m) by using Enchant metal V (or equivalent).