The Ancient Nord Greatsword is my favorite sword in the game! I guess I would call it my signature sword! The reason I like it is because it has that Master Sword from Zelda feeling to it... anybody else feel that way or does that sword suck? (in your opinion...lol)
it doesn't suck at all, you can keep the sword all your game, if you go leveling your smithing, each 10 levels you can upgrade it further, plus the Fortify smithing enchantment and potion will help you to increase it's damage even more...
so it can be a very good weapon, but i recomend you to get the Nord Hero Greatsword, it looks the same, but its a bit more powerfull
Freja (my main character) owns an Ancient Nord Greatsword enchanted with Drain Health, which has a damage rating roughly similar to her Ebony Greatsword enchanted with Drain Health, until I found an Ebony Greatsword that old greatsword she picked up from a defeated Draugr was her "signature sword" if you like.
The grips just look so uncomfortable though so i don't use them for combat but my Nord character does usually has them for decoration placed in weapon plaques and racks (PC users might want to look at this mod).