From what I remember (from what I believe was posted in the "too lazy to make a thread" thread) weapons become better than shields for blocking over time as your skill with them increases.
I don't know exact numbers though, i'll go dig through that thread.
EDIT: Found it, but still no exact numbers. Could've sworn there were though...
Ischaldirh wrote
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As the game is balanced currently it's generally accepted that two weapons are the best way to go.
Which was in response to:
Azhael wrote
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Another question, what do you consider that is better: wielding two weapons or a weapon and a shield? I have a valpurium two handed sword+6, a valpurium shield and a flaming ruby sword+6, and I seem to do quite well with the two swords as I block many attacks and have two strikes in one turn... but I would like to know if having a high skill with the shield will make me almost untouchable and would be better that way. Right now my char has 41 dex and 24 agi.