While I don't see myself spending points in this tree to save a bit of time (as I have plenty of that), I can't argue against using lockpicking as a perk dump if one sees nothing else worthwhile to spend points in. Hell, throw in some for the pickpocket tree to get the +100 carry weight perk while you're at it so you can carry the extra loot you spent less time getting.
I did this. That was pretty beneficial early on when combined with that stone that gives +100 carry weight also and 0 weight for armor you're wearing. I typically leave my house at around 100 weight so I haven't had to make multiple trips to a single dungeon even one time. When I was still playing the playstation version without doing this I often had to make multiple trips.
Also, off-topic:
I read this in Steve Buscemi's voice and it made my day. Thank you.
That's... actually a pretty good choice of voice.
My thief character will be taking all the pickpocketing and lock picking perks.
I love to roleplay too much to let efficiency get in the way.
There is that. I felt somewhat guilty about being a thief with no perks in the second most obvious thief tree of all skills (pickpocketing of course being theft every time you do it whereas picking can just be dungeon delving).
You need to practice more then ...

I said master chests take a number of picks. Not only is 1 technically a number, but are you telling me you always get the master chest done on the first attempt? Highly unlikely without stacked buffs of some sort or a single super enchant brought from potion/enchant combos. I mean, sure, I could technically create an enchant that would completely outstrip the need for any perk. I could also use a console command to pop a skeleton key in my inventory. Heck, console command the perks (in order, of course) and there's no need for this discussion.
As someone who thinks the game is easy enough without loopholes though, I'm not about to cheat at it. How boring would that be?
As for skill, this doesn't come down to skill. It comes down to chance and understanding how to maxmize the odds of finding the sweet spot in the fewest amounts of tries. If you view the lockpick range like it's a clock face then you have anywhere from 9 to 3 that the sweet spot can lie. Even at 100 lockpicking ability you still need to try 9, 10:30, 12, 1:30, 3 with the understanding that the 9 and 3 positions are the least valuable spots to check as they cover the smallest zones but can technically find the sweet spot if it's just out of the range of the :30 spots. This means that 10:30, 12, and 1:30 all have an equally high chance of giving you a general location of the sweet spot.
On a master lock, your pick breaks much faster, you may be able to have two attempts at just finding the spot. Let me know if you're able to get more attempts out of a pick on a master lock than that. Keep in mind that it isn't a 33% chance each attempt since 9 and 3 are both valid options and it isn't 20% since 9 and 3 aren't full zones. You likewise can't claim that it's 25% if you count 9 and 3 as half zones since they must be tried seperately. So good luck finding the actual odds of any one spot being the sweet spot.
Now, say you try one of the zones and the lock moves. Odds are you aren't in the exact spot. You then don't know if it's up or down from your position. You can acurately gauge the distance by how much the lock moved when you first found the zone, but you still have a 50% chance of going the correct way (counter clock-wise or clock-wise).
So, statistically I shouldn't get any better at lockpicking than I already am unless you have a better method. My overall trend is right in line with what the average should be over a large amount of attempts. The initial task of finding the zone is around 27% per try since I try the three most common spots first and my attempt at finding the sweet spot after identifying the zone is 50% unless the zone is at the 9 or the 3 in which case the my odds are much better. There is also the occasional time when the pick is just a hair away from the actual sweet spot which is especially narrow.
Now, with the perk that places my pick in the zone to begin with I find myself never using more than 3 picks. But that's because I then have the 50% of being right on the first pick and then have two picks to gauge the right spot if I'm wrong on the first attempt to the point of pick breaking.
Yes, this is all a math problem in statistics which is why I know if something someone says here is bogus. Significant increases in lockpicking skills beyond the 100 lockpicking level could reduce the zone finding to 33% with a followup 50% chance of going the right direction and then perhaps one more pick to hone in exactly. That's how you could get the 3 picks without any perks but again, I don't cheat or use loopholes and I'm not going to enchant my main armor to benefit lockpicking and I'm not going to switch armor before picking a crappy lock that likely doesn't have anything I want in it.
Yeah, I agree.
Bethesda needs to follow the Fallout example and make lockpicking impossible if you don't reach certain levels and/or perks.
That'd certainly make it actually matter.