Seeing as there is no shortage of ways to exploit the different crafting skills in the game, I do believe there exist practical ways to reign them in, so to speak. Considering that the Smithing skill is one of the more frequently used skills/exploits for "min-maxing" gameplay, this skill should be addressed and redesigned promptly--specifically, before Fallout 4 comes out. I don't want my beloved Fallout series to inherent the same ghastly "birth defects" TES has suffered, so let's get pro-choice and abort these terrible ideas.
First, Smithing should no longer improve weapon damage and armor rating. If the combat system were deeper and more nuanced I might suggest incorporating a variety of weapon performance attributes, which could then be improved upon by smithing, but this is not the case nor do I suspect it will be based on the current tech. I don't want to waste too much time on the details of WHY this is a problem, it's already been well-documented in terms of it's exploitative, primitive design (among other elements of gameplay). Also, I don't want to exhaust explanations when conventional wisdom will suffice.
Secondly, weapon "condition" should be recalled, for which the Smithing skill would now serve more appropriately. Even a year after Skyrim's release, it still bewilders me why Bethesda nixed this from the game. In most open-word games much of the focus and esteem is placed on the world itself, so it would only makes sense to introduce elements of decay and attrition, subtle reminders that the world is more than just a pretty backdrop for your escapades.
Of course, if Bethesda decides to steer TES or Fallout series into a brick wall for an easy money-grab, everything can be disregarded. I'm still giving them the benefit of the doubt, however. Let's not disappoint.