» Wed May 16, 2012 4:41 am
There are 6 levels of improvements you can do with blacksmithing: fine, superior, exquisite, flawless, epic, legendary.
http://www.uesp.net/wiki/Skyrim:Smithing
If you only take the perk to improve magic gear, the best improvement you can do is up to flawless. So you are missing out on the legendary improvement.