At first I thought it was way too easy, so I upped it to master. Hard as hell, man. I was getting my ass handed to me. My only chance for survival was conjuration and sneak attacks. Got my sneak, bow and conjuration skill up high, with several perks.
Then I got my hands on a lot of money through the Dark Brotherhood assassinations, and bought my way to resources by fast traveling from vendor to vendor.
After a while, I had 100 in smithing, and had made myself a full Daedric armor (which for some reason is better than dragon armor, by the way) and two Daedric war axes, with a bow on the side.
After that, I leveled up my heavy armor to some 70, and got the fifth rank of the first perk.
Before I knew it, I had become a level 40 killing machine, starting with surprising sneak attacks, going to conjuration and ending with a dessert of shouts and dual wield axe'ing.
It can still be quite challenging with the harder mobs/bosses (especially the final boss and the dragon priests). And with challenge comes entertainment.
Advice to anyone who has it too easy: Up the difficulty.
Advice to anyone who has it too hard: Suck it up, fool. Start with sneaking. Get your hands on a companion, or learn some awesome conjuration spells, then go to smithing when you have the money. Don't go for harder enemies at first. They are hard, because you are too weak to kill them. Remember that revenge is a dish best served cold.