Dragon scale armor is good if you like light. Personally I only have one character that runs heavy, but he's an orc and has the bulk to carry it.
As you said once you get Smithing and enchanting up, things can get interesting.
Start putting double effects on weapons, like Fire damage and soul trap on an ebony bow or daedric bow.
I have a couple of characters that 1 shot Frost trolls and the like. Go into sneak mode and it becomes possible to kill a dragon with 2-3 shots (2-3x damage for undected when arrow hits)
Yes I too have have gone back several times to kill Thalmor, used the console once to get back inside the embassy but the eleven b@#$% is essential, unkillable. Great loot though, and elven armor is light, can carry a load of it.