I guess it depends. I'm speaking based on the perspective of my Blood Angels Assault Marine, who ALWAYS has his Executioner Axe out. Signature Wargear (Master) gives it Master Crafted, +20 to WS and +2 Damage Total. He's always got it out whether he's holding it one handed like a halberd in social situations or two handed to wield it.
With a weapon like that, it's not like I'll be less intimidating if I put it away. I could see it being an issue for different characters in different circumstances, especially those for whom Melee Weapons are not the one and only choice.