well, it's an updated impression...nowadays, it's true that we have 6/7 Countries above the rest of the field, but Fencing has become one of the most balanced and well spread sports in the world, with a lot of Nations from every Continent (except for Oceania, but still) capable of winning a medal at any level.
in the world cup thread we've done some kind of analysis about how many athletes from different Countries have made it to the podium at least once...and it's impressive, especially if compared with many of the most mediatically exposed disciplines (not to mention Winter sports).
p.s. the vs 2-man show was staged in the cadet division just a couple of days ago...