Yeah, there was speculation that smithing might allow for customization of armor pieces and make up for the fact that you couldn't equip as many as in past games. The option to smith a chest piece with left, right, or both pauldrons, for example.
Skyrim has 73 armor pieces (not counting shields). This is definitely an improvement over Oblivion's 56 pieces (not counting shields or greaves), but still doesn't live up to Morrowind's 94 pieces (not counting shields, greaves, or pauldrons).
Predictions that were largely baseless, except for a few images showing armors that looked similar, but with differences.
My prediction is that we were going to get a few nifskope hack jobs, and that's pretty much what we got with fur, steel, iron, robes and a few others.