In my experience, it takes a lot less grinding to get enchanting leveled up, than it does to get smithing leveled up.
Also, weapon enchanting with weak soul gems is much more effective than non-weapon enchanting, the strengh of the damage is static depending on your level, whereas with non-weapon enchanting the strength of the effect depends on your level and the size of the soul gem. Of course, if the soul gem is small, the power in the weapon runs out sooner. I used to enchant every bow I could find with weak soul gems, the way I see it is twenty or thirty guards with five shot bows could probably take down a dragon, but one bow wouldn't do a bandit too much good.
I think I agree that enchanting is overpowered in Skyrim, but in Oblivion feather spells, potions and items are more overpowered than enchanting is in Skyrim (IMO, obviously). There was probably something overpowered in Morrowind but I haven't played that much.