So what has actually changed? Your experience gain depends on the value of the item created or improved?
Do you get bigger gains for improving enchanted items?

Generally the amount of experience gained is relative to the amount of materials used.

it seems to be value of the piece made. Jewelry does very well early on. Helmets are good as well because they have high value compared to materials required.

For my current chatacter who's smithing is just about 50; plain gold neclaces give me about 1/4 of a rank increase after 1.5. Prior to this the leather gauntlets were the cheapest and fastest thing to smith for good ranks.

It does appear to depend much more on the value or type of thing that you make. Make an iron dagger, you get a little bump; make iron armor and you get what looks to be around 3-4 times the increase of a dagger. That's just me eyeballin' it though. I don't know the exact figures, but it's definately changed significantly.

Hmmm. That svcks for my smithy dudes.
I do have a F Bosmer that had planned on only smirhig jewelry except for weapon or armor improvements though.