Unexploited Smithing is considerably stronger than unexploited Alchemy.
Only because of the armor bonus.
Alchemy has potions that increase armor skill but those potions don't increase the armor rating very much.
Smithing increases your armor rating and not your armor skill.
As far as weapon damage you get a more powerfull weapon for 60 seconds with alchemy.
But with smithing your weapon damage is constant.
That is another reason I like alchemy so much,I don't want to be all powerful all the time.60 seconds is enough time to get you through most fights.