Set the game to master level, put limits on how you smith, and how you enchant, or use alchemy. Couple that with not maxing your resists and the game will still be a challange, but yes your right in many respects, if you do not govern yourself, then the game will be to easy. Basically you built a 100% magic resist charecter, who wears heavy armor, and then state the game is to easy. take off your magic resist, limit yourself to a max of 30%, and 50% elemental max. Dont abuse smithing/enchanting/alchemy, and the game will remain fun.
overall though, some very valid points about the state of the game, and its sad that bethesda did not bother to improve the game mechanics or address blatant failures in game balance prior to release. that said, in a couple of months some modders will come out with balance mods to fix most of the problems.