Quote: "Alright, semantics aside, does anyone have any useful information for me?"
I just looked it up. Combat in Mount and Blade is determined by Weapon Quality, Player Skill with that weapon type, and speed of the player relative to target.
So if an NPC is running at you (speed 20) welding a rusty dagger (quality 10) that he's barely good at using (skill 30). He's got a total of 60 points.
And you're on your trusty steed galloping toward him (speed 60) and you've got your new shiny battleaxe you just bought (quality 100) that you're decent with since you've been practicing (skill 70). You've got a total of 230 points.
You're going to slaughter that guy.
But of course weapons also have ranges so if he manages to get right next to your horse you can't hit him with your battleaxe. He'll be stabbing your legs with his rusty dagger which gives you lockjaw instantly so you can't call for help.