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I wouldn't necessarily use the ladder as balance feedback. There's a handful at most people regularily logging runs, and a lot of those are for bragging rights. Also I don't agree that endgame smithing is overpowered; past 850' or so is comparatively trivial for any combat build.
In its current form smithing ha a problem in that more smithing skill gives linear dividends, but costs are whatever a (100+200+300...) sequence is called. Then again, even if you fix that there's still the bigger problem of crafting in games just not meshing well with random loot.
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