The Blade
The long sword is the default argument of the world. Two hands or one — and the hand that is free is the hand that holds the shield. It cuts, it parries, it is everywhere, and it is the one weapon that every fighter in every town can use, which is exactly why it is the one weapon the guilds make right.
A journeyman long sword is an honest edge that will outlive the man who bought it. A master long sword has the maker's name on the fuller, and the name is worth something. A masterwork long sword is a story event — there are a dozen in the world, and most of them are already remembered.
In the Hand
The long sword wins by hand: DEX finds the gap, STR finishes the sentence. It loses to the flail (the parry does not go where it expects) and to the warhammer (weight over hand), and it is the answer to everything else, which is the whole reason it is the default.
"The long sword is not a weapon. It is a question — and the question is always: do you have the hand for it?" — guild master, The Company