I found Dwarven Bows very good to level Smithing. 2 Dwarven Ingots and 1 Iron from memory and a pretty high value. All the other Dwarven stuff needed Steel Ingots as well, and seeing as though I was only Smithing with stuff I found myself the Bow was a great option for me. Jewellery was my first option though, turning all the Gold/Silver/Gems I found in the world into a nice profit and a lot of skill ups.
I think you're right. Grinding smithing (if that's one's goal) will now take a *little* more work. My guess is that the new MO will be something like this:
1) Perk Dwarven
2) Mule-out dwemer plates/scraps from ruins as needed
3) Two of those plates/scraps + 3 iron ingots = 3 dwarven bows = 810 gp/value
(vs. those 3 iron ingots = 3 iron daggers = 30 gp/value)
*If* one has gems to go with it, transmuting iron ore to gold ore (vs. iron ingots above) for crafting jewelry would provide more experience for smithing. However, since gems don' t really gain any value from being in jewelry (other than the worth of the native ring or necklace), one would actually make a greater profit making bows ... of course, this all a wild guess since I don't fancy myself a nostradamus nor plan on grinding it much myself**.

** But I'll never say never: someday I may want to RP a smith, or maybe a daedric prince's prince -- and need to get daedric stuff before my RP even starts -- or an ebony goddess, dwarven centurion, glass cannon, or ....