I do not even think it is useful in the beginning. You always find heaps of EQ and there always is something with more additional properties than the things you crafted. What I described above is valid from level 1 onwards, it just gets even more distinct as you progress in the levels.
While I think it is pretty cool to be able to craft boots I think I never have worn them.
As I said, improving EQ with resistances, nails, whetstone and anvil is pretty useful, but the stock-items you craft are basically worthless.
This is true for (in this order from least useful to "might get used") boots, robes, and body armour.
I also find most potions beyond healing not that useful. It may be different on Hard, but in the normal playthrough I always had enough other potions. As money is thrown at you in true heaps, crafting Skillbooks is also not *that* useful as you can just buy them sooner or later. Nice for the first five or six levels, but then you do not need it anymore, at all (and that is only true if you have crafting early from level 1 to maxish 8 or 10).
What is lacking is the ability to outfit items after they got crafted with more magical abililites, like you could stitch magic starfishes, teeth and what-you-have to robes, boots, helmets... that'd be something.
