Ha! I guess blondish nord-looking fellas' minds think alike (only you look better than me... damn it!): made a thread couple of hours ago to talk exactly about that. I like it when you say "The game is designed so that everyone can see ALL of the content if they put the time into it."
But I gotta play the - hopefully - constructive devil's advocate here:
Would you agree that, sometimes, the engine can be designed in a such a way as to make it "impossible" to achieve a certain level of challenge, and the rewards that derive from overcoming those challenges?
If that's the case with Skyrim it's open for debate. I personally don't think it's the case, but would like to hear your thoughts on it, even if it is in theory.
LOL on the blondes.
I don't know that I understand the question though. If you mean, could it be possible to make the game so that those who want to min/max can still have a challenge and yet those who want to become gods can also feel that way and pwn everything around them? Sure, I suppose Bethesda could have made Master level difficulty even harder to take into account the possibility of people using the "alchemy/enchant/smithing" route. But in that scenario, I believe that Bethesda would have needed to make any build at say, level 40/50 insanely powerful, regardless of the difficulty level... which make those who want to RP a non-godlike character SOL. At least the way it's set up now, you *can* avoid the crafting skills and play it "straight" and not become OP.
I don't know, given what they have to work with (us) I think Bethesda did a good job of making it so that folks can make gods and be happy or make characters who travel through the classic fantasy growth progression and become quite powerful.
I may have completely missed what you were getting at though, so please, if I have let me know.
As for the genius smith/alchemist/enchanter who recognizes who his alchemy can assist him in his other endeavors, and so on, well, that person would be sort of like Ironman I guess. A genius with a suit of armor that kicks the hell out of everything thrown at him... like a boss!

Just saying, it seems reasonable to me in a fantasy setting that a genius should be able to create "a suit of armor" that makes him/her virtually invincible. And I'm surprised that anyone's surprised. It's been done before... :whistling: