The only difference I have found so far is, that you have a small attack delay. However, you can now easier switch from using a sword and a bow in the newer one, making it possible to use your right mouse button to fire arrows, and left as soon as they are close, making it for more interesting fights.
While it is true that axes are stronger in it, maybe there is a way to nerf an axe combat power, without going back to 1.8 combat. Also, axes are slower. Maybe not give it the option of Sharpness enchantment on axes might make the value the same?