I bought a Collins Jersey pattern axe from the hardware store. It's one of their "hand forged" ones with an unpainted head. I found one where the grain in the haft was lined up with the bit. It was typical hardware store sharp -- not, with a very heavy burr to one side. Sharpened it with a file and a coarse/fine puck. Suck rips through trees like there's no tomorrow. My first swing sunk about 6" into an old pine tree's trunk. After felling, I bucked the tree with the axe, and at 14" in diameter, I got through in about 12 swings.
Can't attest to edge retention or lack thereof, because I hit a couple nails in the tree (idiot I bought the property from had strung a line of barbed wire between trees and it had snapped some time back and I didn't see the nails. The axe chopped through the nails, but buggered the edge good.
I recommend the "hand forged" series over the regular ones, they seem to be *good* tools. Balance isn't bad. If you're just getting into an aspect of axecraft (like felling) or just want a beater axe (I bought this one primarily for rooting -- I'd get upset if I struck a rock, or nails, with my Snow & Neallys, with this one, I don't care, just file the ede back down and get back to work), I recommend you get a cheap axe first anyway. Work with it, and if you liek the activity, you can move up to a better tool.