Their power peak is high, I agree with that, but for a melee only class with a 350 experience penalty and over 50+ skills, most of which you need to spend hours and hours of training to master, I think you should get a high power peak. There is not more blademasters than rangers, warriors, clerics or casters at 50, and not many of the blademasters are succesfull, and from what I've seen they have all died in the past week or weeks, meaning they aren't impossible to beat.
In regard to equipment, much like monks due to encumberance, the blademaster class has a high inherited hitroll, blood vow, battlesphere and stance choice quickly adds up, and this might be worth looking into. However, they do not gain much from their haste stance, and dual wielding is as effective as using a two-handed weapon in regard to the number of attacks.
And stance choice and weapon position really is important, get bashed by a giant in the wrong one and your hit points will drop quickly. Avians and gnome casters as well as human communers are also quite good against blademasters, I would assume, in regard to the anatomy argument. Perhaps this is something to consider when creating a character, 'Is it likely that I will fight many blademasters, and is it likely they will have high anatomy in my race? Will I be able to deal with it using class abilities and/or consumables'? The way I see it, blademasters helps diversity because many of them have an edge over the cookie cutter races and tend to do much worse against the less common combinations.
From what I've seen and heard, blademaster is the one class that has a different approach to combat entirely based on which race you play. Most dwarves I see dual wield, most halflings, drows and ferals is in shadowdancer and the sliths can be in any one stance.
I get the impression this thread is one of those 'class x or race y is overpowered', and there have been those about ninjas, vampires, rangers, ogres, weaponlock warriors and so on and so forth. Which is a good thing, because it allows the administration to tune and balance the game and make it even better. I'm just not convinced something as drastic as removing exotic weapons, or the ability to strike critical strikes with exotic weapons, is what the class needs.