In essence CP you have about nailed it. OK I can get all slushy about it being more than a tool and you can feel the craftsmanship in it, yadda yadda (but you can).
Let's just say that like stoves, I have a lot of knives and axes. OK, I just do. Balance, the quality of the shaft, the angle of the head to the shaft (haft), the weight all count. But deff the quality of the blade. On these good axes there is a different piece welded in for the cutting edge, you saw that. Not only do they hold an edge better but when you swing it and it bites into the wood there is something about the depth and ease with which it does that. My Gransfors doesn't create chips it takes out chunks. But after that, it will still shave the hairs off the back of your hand. I lend it out relectanlty as every time I do, some cave man chops wood on the ground and hits stones with it.