I agree with a lot of what the OP said. I have put in ~90 hours and have the same thing where I am, at this point, essentially invincible. Smithing is incredibly overpowered, and the scaling stops much sooner than it should. The questlines were the most disappointing thing for me though, by far. The guild quests were over far too soon; the Dark Brotherhood quests number only 13 in Skyrim. In Oblivion, there were a solid 20, with another fully fleshed-out side quest. There are only 6 main quests in the Companion line; in Oblivion the Fighter's Guild had 19. In 90 hours I did absolutely everything there was to do in terms of quests in the game, and so, unlike Oblivion, I have just ran out of things to make me want to keep playing. The enchanting system lets you make the best weaponry, so there is no loot lust, which is also very disappointing. I hope they release some major DLC that expands upon the game with quests, and I hope that their modding tools allow people to make interesting quests, because the lack of things to do is, in my opinion, by far the biggest flaw in a flawed game.