If you're into power leveling, then look into creating items that yield a good raw item cost (in terms of gold cost and quantity of raw items required) to end product value ratio... for low levels, I think it was deduced that Leather Braces was the best choice when your smithing is low. Then as you level up, work your way up into creating more powerful equipment. I think next up in the tier would be Dwarven stuff since there's a crapload of raw Dwarven materials that can be acquired for little effort, and are able to produce high-value items (higher value = http://forums.bethsoft.com/topic/1385082-how-to-get-smithing-to-90-fast-im-on-17-now/higher EXP gain).
Maybe someone else can elaborate on this further.
(And for the record, I don't do power gaming... I "just play". Really, really slow...

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