I really dont know why they changed it like that. Oblivion had alot of nice Items, with up to 3 different Stats, even as a Drop.
In Skyrim theres not a Single Item Drop except for Masks and Robes that has more then one Stat(maybe theres a few but still)
At least 2/3 of the Main Playstyles involve using Physical Damage which can highly enhanced by using Smithing. If you dont put Perks in Smithing you cannot upgrade your Quest Rewards or Itemdrops, so the Game kinda forces you to Blacksmith if you are not a Mage type of Class. You need at least 60 Blacksmithing and 2 Perks to upgrade your Items, it costs only around 3000 Gold to reach but Upgrading Magical Items should not be a Perk and/or there should be the Option to let Npcs do the Upgrades for you.
Not upgrading your Weapons and Amor at all doesnt seem like a balanced Alternative, at least not on Expert and Master Difficulty.
I know one Thing though, the good Stuff will come with DLC thats for sure^^ Game is missing harder Enemies and better and more Unique Items. Im sure its actually intentional so we buy the Addons.
I forgive them, cause the Game is just awsome and you know it111111!