When running with only 2 weapons a 'Next Weapon' option is everything you need, however when you upgrade to 3 or 4 you really need something more specific to select the weapon you want directly. It would be great to have 'Select Weapon 1' bound to a key instead of just 'Next Weapon' or 'Previous Weapon'.
I activated a weapon upgrade slot and when I ran into this problem I stopped using a third weapon, and I don't imagine I'll ever switch to more than 2 weapons again because of this problem. I became too tired of having to switch through a weapon to get the one that I wanted, and sometimes going one too far and having to cycle through again.
http://forums.spiralknights.com/de/node/18213