I personally prefer the spear: it grants you more attacks while allowing you to use a shield. And you can take casualties while still being able to deliver a decent counter-attack, which is not the case of additional hand weapons.
Great weapons are nice, too.

Well, "Infantry" is quite a broad topic. Technically, Ogres are even infantry, and there is a huge difference from how you arm your peasants compared to hunking huge Mongolian Ogres.

That said, Hw+S is the best option for me, because you cant go wrong armour! (at least for a Dwarf you cant.)

Burro Boskov

he has a point. For example, no matter what you say, I wouldn't want to arm my wardancers with a spear. Cheaper troops (the 'mobile rank bonus' unit) should usually carry a shield.

It's really a case by case thing. Most troops would only have a choice of a couple of those options anyway.

Yeah, I know the term infantry is vague. Here I'm talking about regular Elven or human infantry (S3 and all), not big monsters like Ogres or elite troops like Swordmasters.

Hand weapon/shield is just brilliant. Armour over strength/more attacks anyday (for infantry that is).