If I were a hack and slash warrior, smithing would have been great considering how amazing the daedric armor is, both look and actual armor rating, but I'm a light armor sneak crazy guy... I spent a crapload of my perks on smithing considering that you can't even make anything other than imperial/leather armor if you don't... and now that I'm level 31 and it's actually starting to become hard to increase my level, I want my perks back to put in other things...
To be honest... I'm just ragging about how you have to use perk points in order to make a better item in smithing... personally I would have liked actual smithing perks... like "Forgemaster: 50% Armor Increase if wearing all forged armor." or "Heavy/Light Blacksmith: Forged Heavy/Light Armor is automatically upgraded." rather than "Steel Smithing: Smith steel" "Daedric Smithing: Smith Daedric"...
If your not a warrior... don't put too much into smithing... I learned this the hard way...