"The Hatchet is light and fast, allowing it to overwhelm opponents in close with solid damage, although it suffers in reach. Heavy damaging throwing weapon with low ammo."[1][1]
The Hatchet is actually one of two different weapons in game, one being Throwing Axe for the Vanguard and the other as a Melee weapon for the Man-at-Arms.
Hatchet (Ranged)
This Vanguard's throwing weapon is a great introduction into a battle, and is often one of the first attacks a vanguard does prior to entering the fray. It does a modest amount of damage and can finish off wounded enemies fairly easily, albiet usually both axes are required to gain a kill. The throwing hatchet also gives the vanguard a legitimate anti-archer weapon that can be used at range. However, it has a steep learning curve due to the weapon's steep tragectory, so using it at mid range can even be difficult for all but the most trained.
Hatchet (Melee)
This Man-At-Arm's melee weapon is a starter axe that features good speed and damage at the cost of range. In fact, this is the shortest non-dagger weapon in the game, at a measly 15%. However, this weapon boasts the same damage as a Vanguard's 2 handed Greatsword (60%) with speeds only slightly slower than daggers. That makes the Hatchet a deadly weapon in the right hands, able to overwhelm and kill a foe before they realize it.
Due to the weapon's rediculously fast attack rate, the overhead swing is highly recommended as a primary means of damage, and can dish out extreme pain within a small timeframe.
Since the weapon lacks a edge on its top, its stab is very weak and not recommended.