I just got all my characters and this is how I'm making them so far:

Vaan - sword & shield, heavy armor, some white magic & technicks
Fran - bow & arrow, mystic armor, all magic
Balthier - guns/poles, light armor, support technicks
Basch - spear/axe, heavy armor, attack technicks
Ashe - sword & shield/staff, light armor, heal/support magic
Penelo - rod/dagger, mystic armor, offensive magic

Yay!

I like assigning set weapons to people just because it's fun that way. So when I get to katanas and stuff I'm not sure what to do.