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Here's my concern: I think it might make the other superior reach weapons obsolete. As things stand, it appears that +1 to hit is balanced against a greater damage die. This weapon looks better than a great spear, since you're giving up +1 to hit for a larger damage die and high crit.
I'm probably just going to mull for several more hours and then approve it. And then I'm going to start thinking about creating a dwarf warden with reach.
That's basically it, unless the greatspear has some advantage as far as weapon groups go, for spear over axe. (I'm not good at evaluating that.)
Compare to the executioner's axe: it's the same except Brutal 2 is traded for Reach. It seems more balanced based on that comparison, although there's some indications (plus my intuition) that Reach may be the top weapon quality, and maybe shouldn't be traded for others on a one-for-one basis.
I do agree that it doesn't seem horribly broken by any means. Maybe just slightly overpowered. Or maybe it's just that the greatspear is underpowered? Perhaps the designers overvalue reach?
If it helps to see why I'm even interested in a reach weapon, it's so that I can use Divine Challenge on a target, then keep engaging them while also applying Divine Sanction on any target I can reach. If I wasn't going to do that, I'd use the same picture and call it an executioner's axe.