In my mind, low poly has always been better than high poly. In all truth, my original swords were extremely high poly for their quality.
My early sword pack: http://i32.photobucket.com/albums/d25/123_Insanity/SWORDPACK.jpg
^The short lived time that I thought smoothing was an awesome way to increase the quality of your models.
One of my most recent swords: http://img213.imageshack.us/img213/9886/katanawipni5.jpg
To be perfectly honest, as my skills have increased(yet they still have so far to go), the quality of my models has gone up, and yet somehow the polygon count has gone significantly down. I guess swords aren't the most high poly models to begin with, but I imagine the same concept would apply to models of people, objects, etc.