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.
Well, I'm a pure fighter build.
But it was just all the ore I had collected over time. If I had a decent enchantment I could have made a fortune. I took the Dwarven perk and made some Dwarven armor. Not sure why I haven't found some decent heavy armor by now.
Of course, I wasted some perks on Magika early, going for some magic/sword build that didn't work out. Now I'm straight Barbarian and pwning everything.