(this is the only bug I know which seems not to be mentioned on this page so sry if this is a known bug)
I crafted a pretty powerful axe with a simple steel ingot and an anvil, I don´t know whether this is a bug or it´s only in alpha. here is a link to the screenshot:
http://gyazo.com/f4f784853f2837158a272542464c3229
