I've smithed on all three of my characters. On the first one, a melee, I smithed for better/newer equipment. It didn't overpower me (didn't powerlevel it, so I only hit 100 at lv48), and since I didn't Enchant, I still found plenty of better equipment in loot. On my later characters.... well, it looks like I'm always going to have Smithing on all my characters, because plenty of mod authors seem to like putting their new armors in the crafting recipes.
Before 1.5, it was dirt easy.
After 1.5, it's dirt easy. You just have to look at the recipes, and find new recipes other than "Iron Dagger".