Replying to give this a bump, because I am sure there is lot more to be said about the topic.
Let me add some specific questions:
Is convert arrows worth it for an archer?
Are their weapon skills more valuable than others--i.e. choose improved accuracy, improved damge, improved critial hits, improved deathblow, improved reload (ranged weapons), improved durability, etc. Concentrate on one or two, or balance them out?
What about spells? One or two, which ones, to the max? A range of spells with different damage? Which ones are best?
Come on, I know some of you have views about these issues and I am curious to hear them.