Leveled up twice just by making Iron Daggers with all the material I had stockpiled.
I wasted two perks and probabl 2-3 cumulative levels on smithing early-mid game and wish I hadn't. While it looks like a ton of fun for a melee character, it just contributed to my lagging behind in magical skills/perks that I should've been focusing on all along.
Definitely looking forward to fully exploring that skill when I get around to playing a pure fighter though.