Well dude...Ill give you my experience..
Right now, ive got a 70 warrior, 375 mining, 365 smithing.
WASTE! I went swordsmith to make the lionheart blade for pvp...What happens? S1 gear is now available only at the cost of a short amount of BG grind time. What was the cost of getting that sword? THOUSANDS of gold spent at the AH, on top of probably thousands of gold more, of forgone money that i could have made by just selling my ore.
Sure, out of axe spec you can get a few nice pve weapons...But seriously...The calibur of weapon you get out of smithing vs stuff that is available through BG's or very low end raiding is ridiculous.
Even IF i was to upgrade my lionheart/thunder/mooncleaver (<--I think thats the first tier 2h axe..correct me if im wrong) all the way to the third tier, that would mean COUNTLESS hours of heroic instance runs, competing for nethers, along with other insanely priced, or pain in the *** mats to attain. All that, verses a couple hours of arena a week for maybe a month or two,and youve got the S2 two hander at your fingertips, and more recently, a far superior S3 twohand wpn if you are any good.
Yes, my point of view here is a little more PvP oriented, but even for PvE, whats the best you can get? ONE or two one-hand wpns that are probably easily replaced by some rep-grind with another faction? not worth it...
All in all, weaponsmithing = WASTE OF SO MUCH TIME/MONEY/EFFORT.
As for armorsmithing, I havent heard much, or know much about it, but I am willing to bet its probably just as ineffective.
Drop smithing imo and take up something else imo