1 All weapons of the same tier deal the same damage. As such, the only difference is damage type. Damage types only matter with regards to accuracy, and specific damage types provide but a small increase in accuracy over the same combat class. Therefore, there's little incentive at the moment to produce more weapons of a given strength than is necessary for abilities (2h, dual wield, and 1h + shield).
Ranged weaponry wasn't included as they are more a part of Fletching than they are of Smithing (similarly, hatchets are more a part or Woodcutting). We should expect adjustments to these when/if their associated skill is reworked.
2. Prior to the rework, the only augmentable armor made by Smithing were Tetsu and Malevolent. After the rework, you still can make those, but also have the option of masterwork and trimmed masterwork. Otherwise, players are still relegated to using gear drops of (generally) t70 or higher just as they were prior to the rework.
In other words, not much has changed in regard to this.
well. Did they stop the weapon speed as a factor in attack or is that irrelevant now? Other thing that I have noticed is that they still have rune bars as a valuable reward on treasure hunter. Likewise the drop of rune stone spirit is still in line with previous prices i.e. one at a time when current price is more along line of half prior to update. for rune ore