Alchemy - This tree is a waste of PP. I would rather craft or buy twice as many potions then waste my precious PP here.
Smithing - I can see why someone would spec PP into this tree but when you are crafting say "Dragon Armor" then you will not benefit from anything lower in the tree that you had to spend PP on. I see those as wasted PP.
Enchanting - This is one of the better crafting trees as you do benefit from the PP spent lower in the tree even at higher levels. Still, I could be I much tougher combatant if I spent those PP in a combat tree.
Lockpicking - A complete waste of PP here. I have level 35 lockpicking and have not spent a single PP in this tree and I can already pick Master Locks. So I break a few more lock picks. It's well worth it to save those PP.
Light / Heavy Armor - These trees are very similar but unless you're a Thief there is no reason to pick Light Armor. And where does this leave cloth armor?
Your "skill up" points contribute towards your level and what perks you can unlock but besides that they don't make you any better at a skill. Exp: Using "Flames" spell with level 1 Destruction or level 100 Destruction will both do the same damage. Don't get me wrong. This is an amazing game and I am enjoying every minute of it but I think the Perk / Skill system should have seperated by Combat and Tradeskills.
Although this issue will be fixed very soon for all of us PC users when a mod comes out that gives you 2 PP for every level.


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