Since the smith improvements don't stack with enchants, not sure what I should be doing. I've been playing to make and use the dragon light armor, but if I can find it eventually(is it only available via smithing?), it'd probably be a waste of perks since I'd probably choose enchants over the smith improvements. However it's pretty fast leveling smithing and gets you some pretty nice armor early on.

Thoughts?

personaly
enchant effects > armor quality

keeping my 20% when I use 1h + a second enchant more superior of what armor I use

Do not know to be honest but smithing sounds like more fun to me!

from my experience in skyrim so far, id do both mate. Im level 26, my smithing is 81, my enchanting is still low thou. ive put 2 points in lock pick, ive got "assassin blades" in subtley, and working on one-hander and light armor. I also used the restoration exploit to level that up to 40+ points (could EASILY go further but takes time), and got regeneration which is well worth the two point investment in that tree).

i will note thou, that smithing at high levels really adds massive damage to weapons when upgrading, im now bowling around with EPIC quality weapons (daggers) both of which are 38 damage. (blade of woe / nightsin blade) and some nice leech chants.