What I know about substance weapons is that they can be improved drastically through smithery, and buffed with enchantment and alchemy. I don't usually go for enchantment or alchemy buffs but this can be done, with devastating results, not taking into account leveling the weapons particular skill. In terms of pure damage potential, substance weapons have conjured weapons beat in the end, but I am wondering, just because this is true, does it mean that conjured weapons are totally outclassed? I'm thinking no, due to some things I'll discuss in a minute, but I want to know what you guys think as well.
Conjured weapons, initially model iron class weapons in power but can easily be upgraded to daedric through perks and increase in power with the increase in the corresponding skill set, in addition to being buffed with alchemy and enchantment if you really cared for it, but even so it misses out on smithery which svcks but is understandable. There are perks to put in Conjuration that give it great abilities against undead and conjured enemies and automatically soul traps targets.
But theres something else to these two weapons as well. Substance weapons have weight, which makes attacking slower and power attacking consume much more stamina, which means you wont be able to crank out that many power attacks or get that many hits in under a certain amount of time the heavier the weapon is the worse, even though these weapons do so much more damage than conjured weapons. Conjured weapons on the other hand have no weight, and so move much faster allowing you more hits and more power attacks as well. Does this possess the potential to equalize the two weapon types? I don't really know, thats why I want to see what you guys think.