First off for Smithery, I will list everything I know about it and then build from there with my own ideas.
1.) Can be done as a job in town, which means refreshing pay that doesnt come from constant bartering of loot accumalated by scavenging dungeons and such or finite guild missions.
2.) I've heard it said that armor is a lot more diverse.
3.) If we raise any skill to high enough level, we will be given unique quest and such regarding that skill.
4.) Perks are intended to build upon skills.
Now I will build with ideas and guesswork.
1.) Will we be able to own our own shop? It would be a really nice touch especially if we have to actually run it by like investing our money by hiring NPC as workers to attend the shop and gather materialls such as iron, steel and such from mines. If our noteriety and income was based upon our skill in smithery.
2.) Why not make it so we are able to customize our arms and armor, like give it different colors and designs?Different colors and designs could give that armor bonuses like dark colors increase stealth ability. Or a design could provoke fear in enemies. Certain types of armor could intimidate enemies. Let us make mlultiple types of armor pieces that can be made from different materials, for example you can take an elvish designed guantlet but make its material from iron or amber. We could design sets of armor that are made specific purposes, like battlemage armor that is designed to give protection but not hinder a mages magic, maybe actually augment magic if a certain ore is used to make it. Maybe a certain ore can be naturally resistant to magic like iron or something. What about being able to intergrate clothing with armor such as hoods, cloaks, loincloths and color and add designs to those too? What about arms? Why shouldnt we make a blade out of an ore that produces an allergic reaction to a race, beast or dragons? We could make weapons that drain the magic out of enemies because the ore it was made of naturally absorbs magic. We could design a weapon a certain way, like give it teeth to really cause foes to bleed. Guantlets could be used as weapons when they are equiped and you are unarmed, for example a pair of guantlets with spikes or blades set in them so when fighting unarmed you fight slightly different. These ideas I am having are somewhat rooted in the thought that smithery can be treated just like alchemy with different ingredients (ore, designs, colors) to produce different effects in the product.
3.) Lets say we do own a shop, will there be competetion? Dirty competition? Hiring robers and mercenaries to cripple other arms dealers so more income comes your way at the risk city gaurds and such retaliating against you and damage to your reputation. Hiring guards to protect your shop and miners? What if famed adventurers or people in general came to you with specific orders for arms and armor, custom work and you get paid highly for it? What if there are beautiful, exotic ore that have powerful effects (ex. do not need to be repaired at all) in rare places that you can go search for or have mercenaries from the fighters guild search for it or even better higher fighters guild mercenaries to accompany you to find this stuff and fight with you and you have to pay extra if they die on the job? What if a merc decideds that he wants to kill everyone and take the valuable ore for himself and you have to provide proof that he did so (maybe a journal or something)? We could hire assassins to take out another shop owner thats searching for this material without getting our hands dirty. What if we get so good at what we do that guilds and groups, nobles and counts try to offer us contracts to make armor for them exclusivly like Necromancer armor or Dark Brotherhood design armor, city guard armor and stuff like that and we become filthy rich off of that. Will lots of people try to talk to us because were famous at what we do, will women make offers because our fame? Can we collaborate with other archetype crafts to make extremlly powerful items like working with a master enchanter to make a beautiful sword that can be set ablaze with ethereal fire if you hold the button its assigned to while standing still? Or if we work together to create magic gloves or guantlets that are empowered with electricity so when the final blow comes an animation occurs where the guantlet crackles with electricty and is shoved through an opponents chest. The way radiant story is being described this stuff seems very possible to me.
4.) Perks, perks, perks. A perk that requires a high skill and/or fame to make the weapons and armor you make extremly valueable. A perk to give special weapons we make special finishing moves or animations. A perk to allow us to choos what animations our weapons have. There are so many possibilities its insane.
The direction I am aiming to go in with this post is the direction of change and dynamic gameplay. This is just one way the game could change its not a big thing it wont make any future Elder Scrolls game the best game ever created alone but it would improve gameplay a hell of a lot. It would give your character a purpose and a life, it gives you something to do it doesnt just have to revolve around banging metal with a hammer, it can be dynamic and ingrossing. Imagine if everything in Skyrim was like this. I am a dreamer and I love videogames because I see them as a chance to dream in the waking hours. I just don't like it when dreams become slow, static, repettitive nightmarish imitations of hell.
Depending on how well this idea is recieved I will post more ideas about enchantment and alchemy. Peace.