I advise two perk points into it: Steel Smithing, and Arcane Blacksmith. Then, you can upgrade ANY item to at least "Flawless" quality.
Of course you don't
need any perks: With level 100 Smithing, you can upgrade any item to Flawless quality, and not waste as much time stacking Fortify Smithing effects to upgrade anything to legendary.
Just remember to enchant your stuff
after upgrading it to as far as you need too if you don't get the Arcane Blacksmith perk.
Personally, I find that come end-game, I don't know why I invested ANY points into Blacksmithing: If you can find/buy the gear you need, you don't need perks to upgrade it.
As far as I know the term "perk" in RPGs was introduced in fallout 1, as a special ability you gained every three levels. the reason i thought they called it a perk in those games was because it sounded slightly humorous (which was the whole undertone of fallout, and something it totally lacked in 3) There were more Pop culture references, and silly easter eggs, and wonderfully written humorous dialogue in the first two fallout games which was sorely lacking in the third. and before any of you say that fallout 3 was better than the original 2, I don't think it was, and for that one reason alone. I thought Bethesda was wonderful for making Fallout 3, but it was definitely a weaker sequel.
This is off-topic, but I'm not sure how people can't find the comical moments in Fallout 3 - It was far,
far more humorous and silly than the first Fallout (Fallout 3 played like a re-make of the first game, aesthetically.)
All of Megaton was a joke (Church of Atom, Cowboy Sheriff, Cheerfully crazy shop-owner, and the guy wanting to blow the place up...), the straight-faced seriousness of Vault 101's situation was pretty hilarious too. And there were
lots of Pop Culture references.
Serious games don't have people deluded into believing they're superheroes fighting people who are deluded into thinking they're supervillians and
pulling off the delusional fight successfully in-character!The only game sillier than Fallout 3 was Fallout 2 - but then again, that game is
too overloaded with making a joke of the setting to be as enjoyable as the first.