I love the Axe & Shield. It’s probably my most favorite weapon in this game. It’s not at all super powerful or anything, but there’s a depth to this weapon, once you get some practice with it, that I wish was in more weapons. The thing is, and @RandomLurker has said it already: Axe & Shield has several sweet combos that are really good in a variety of situations. This makes Axe & Shield a suprisingly versatile weapon, once you get the hang of it! Being able to do these specific combos is really rewarding gameplay.
The other day I made a reply in a thread about Ironbreaker Axe & Shield loadouts. I’ll link it, here. That’s a long post about Ironbreaker in general, but I’ll quote the relevant passages about Axe & Shield combos below:
Remember you can chain both Light 1 - Heavy (sweep attack) (for hordes) and Light 2 - Heavy (downward chop) (for single target) forever by going light - heavy - light - heavy - light - heavy - etc., as @RandomLurker already said. You can also chain Push - Heavy (shield bash) forever as well, and that’s great for controlling everything and generating a billion temp HP when you need it.
Having said all that, I do feel A & S could do with a little attack speed buff. Even though it’s versatile, it’s still a lot less powerful than most other weapons, and mostly useful to support your team only. Its defense is amazing, but its killing speed is rather bad, which will get you overwhelemed easily if you’re not careful. But it’s a way better weapon than most give it credit for.