First weapons aren't really equal and there's a huge difference of efficiency between the improved one and the others. For example we can have in the same time a common steel sword well improved reaching 150+ damage and a unique dwemer artifact (keening) that can't be improved and reach with difficulty 20+ damage. As a non improvable item it's largely unbalanced but it also can't be affect by one handed magical bonus as a dagger (bug or not...). I don't see why a common item can do more than 7 times the damage of an unique weapon but this difference can be found in many other weapons (bugged or not).
I don't think that armors are well managed neither. Difference between light and heavy is very tedious as quickly you are capped at 560+ with one or the other. So light or heavy they protect the same way. Perhaps the main difference is situated in the weight ? With a few points in either skill weight is also quickly set to 0 (not 20% or 50%... 0) so why do i have to chose between this two types when they protect the same manner and weight the same...
I just found that the better part of Skyrim is when you just begin a new game, without too much skill you fight for your life, armors and weapons are well balanced but when you gain more and more levels you begin to remove more and more items which were useful once but no more. And at a level of 50+ you understand that a well improved common steel Blade sword can do better damage than any other weapons from this game and only cost you one skill point in smithing...
Sad.

