I'd like to see swords and smaller weapons carried on the sides as well, it makes more sense that they'd be there and they are in other games (like Pillars of Eternity). The rapier on the back is very, very strange looking.
Larger weapons though... If you had a 'real' party they'd probably be walking around using their staves/halberds as a walking aid and/or resting them on their shoulders. I'd love that amount of walking/resting animations in the game, but honestly movement is 90% running full tilt around the maps. So then either you see your party holding them out in charge position all the time, or it sits on their back. I guess on the back will look less wonky in the game (especially when visiting the markets)?