The most notable enhancement is that locating high-end armour and weapons in dungeons becomes a reward. Given that they are rare and unable to be crafted, when you eventually locate high-end weapons/armour they feel like actual treasure - rather then generic loot to turn into coin.
Take the example of when I recently found a Daedric dagger (after countless hours of playing). As I am unable to create them myself - locating this powerful dagger felt like an accomplishment. It made the dungeon feel less generic, it made the reward feel far more meaningful.
At the moment, I am hunting down dragonplate boots to complete the set. My one set of dragonplate armor feels like actual treasure, because I can't mass produce them myself. It has taken me literally two hundred hours to get three of the four items. The emotional satisfaction of eventually locating the boots will be epic, because when the items are rare we psychologically attach ourselves to them.
Naturally, this type of gameplay isn't for everyone, but for those RPG players seeking to put a little more depth into Skyrim this is definitely for you. Do not give yourself the power to mass produce weapons and armor, because it trivializes treasure hunting.
