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I edited Landsoul's spreadsheet to take into account the change to Sword Spec. The result I got was that Aesir's Edge, and of course Voldrethar, coming out ahead of Lotrafen (which I have at the moment). The later by a significant margin. However I am a Human with quite low Expertise so the racial for swords certainly pushed things in favour of the swords.
I then however tested with a different race and Aesir's Edge still held out in front of Lotrafen, this certainly looks like it will mean that arms warriors can look at more weapons than just axe's in the future.
you also have to take into account that Lotrafen is 3.4 speed where as aesirs is 3.6. that alone when compared individually without a spec makes aesirs much better. the new ToC axe is 3.6 which would be a more comparable axe to put up against a sword. But certainly that means sword might be viable again. we'll have to see when landsoul's new spreadsheet comes out.