What's the deal?

Like all commands, it has a helpfile outlining its basics that you can access from either the website or within the game.

Does it come with skills, like specializations;

Yes. They're available here and here, as linked from the parent helpfile. It's a good idea when playing a new class to look at 'help classname' as well as all the cross-referenced helpfiles inside (here, including Empowerment and Paladin Code, the latter of which may be new to you). After that, check the "Classes" link in the sidebar and you'll get a list of all the skills and supplications.

and if so, is either one more powerful than the other?

I don't think so. The general rule is that if we thought one was "better", we'd be adjusting one or the other so that fact was no longer true. :) Characters have been successful with both-- obviously the shield specialization is more defensive and the weapon specialization is more offensive, so choose something that suits your style of play more.

valguarnera@carrionfields.com