Interesting weapon, if grossly over powered for actual use as a PC owned weapon in most campaigns, it would be suitably nasty in the hands of a villain.
As a legendary weapon lost to the ages or the rumored weapon of a newly rising warlord it could serve to add nicely to the legend and myths of the setting, Or perhaps a campaign focused around a group of adventurers seeking to dispose of the axe once and for all, (Ala The One Ring) with numerous would be heroes and tyrants after the weapon for their own ends.
I am curious though if using the weapon in the rain or other wet environment would still invoke the wielder killing effect.
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Edit: There is also the small logic fault of the weapon being immersed underwater in the lake bed so technically it should have automatically killed the man who grasped it for retrieval. :P (Yes I'm nitpicking in jest, but I'm sure we all know of at least one player that would be sure to challenge the bard/GMS tale about the weapon when it came to that bit.)