This is the first time I've had Smithing, Enchanting, and Alchemy up to 100 and took a stab at making Restoration Potions. Using Restoration, I made a ~6000% Fortify Enachting Potion, which made a ~60,000% Fortify Smithing Enchantment. Wow! I wanted a single piece of gear with a high Smithing Enchantment that I would wear all the time so I could smith well at will. Success!
I smithed my favorite bow, the long bow. After smithing and with Kyne's Token and 100 Archery Skill it says the damage is 300 (282 I think without Kyne's equipped). Great I thought! I have lower health and don't use armor so I get killed rather easy. With the higher hitting power of the bow I thought I'd have a play through with a hard hitting, but weak character. Thing is, even on Master Difficulty where I should be dishing out only 150 damage I can one hit things like Giants, Mammoths, and Deathlords. That isn't right is it? I thought their health was up near 1000.
Edit: Now that I'm home and looked I see the Fortify Smithing Enchantment is actually 20,745%, not the 60k I had remembered. Still a lot, but not as much as I thought.