I'm not undervaluing the Enchant skill itself--not at all. It's great how a high Enchant gives your magic items greater mileage (using them takes less of the total charge as your skill goes up).
I just don't understand why anyone would bother enchanting anything with their own character, when the hired Enchanters never fail. I thought I was missing something important in the argument, as the UESP Wiki page on the subject is just a bit too sloppy for me to sift through.
Still, the skill can be exploited to such a ridiculous degree: Enchant your armor to raise your Strength, for example, and you can kill most anything in the game with a single blow.
And some things make no sense at all: You can get 24 pounds worth of Feather in an amulet, or instead raise your Strength 24 points (which allows you to carry an extra 120 pounds). These two things aren't equal. Feather should cost a LOT less than it does, or raising Strength should cost a LOT more. And a lot of potential enchantments are just as wacky.
Well, given the formula on the UESP Wiki, you'll see that it's even for a PC enchanter possible to enchant the highest rated items with no chance of failure. For example, with my current stats, I would have to boost up my Intelligence to about 4000 (since I don't have any Fortify Skill Spell yet) to enchant the Daedric Tower Shield for myself. This seems pretty much, but you are starting with some lower rings, amulets, that increase Intelligence for a few seconds. Then use them to create more powerful Intelligence enchants until stacked you reach the desired value needed to enchant a high level item.
As for the game flow itself, I don't think that you can get up your stats as high that one-hitting everything is a real issue (probably with cast on use items possible, but no chance with constant effect items). As full Daedric Armor Set is the heaviest armor in the game, I enchanted most of the items with constant Strength. But I'm still far away from one-hitting (besides lower creatures), because you are always limited by the value of enchantment points the items have. And that's basically a good thing, since otherwise we would talk about some kind of cheat in my opinion.
It's kind of a ritual for me to do the preparation and enchant a newly acquired item. Truly not the same as spending a few thousands to get your enchants. But your opinion may differ, as I have to admit that 210 Strength on my character is probably way too much, I guess when I get some other items I will enchant them more balanced.
As for the issues about Feather and Strength, I fully agree. But I will not change the original values of spells / skills, as I want to keep my installation pretty close to the Vanilla game. The only solution is simply to avoid enchanting Feather effects.