Well ok lets see... As some one that has been and still has a Grand master smith in UO and a master smith at 164smithing skill in EverQuest ill give my view point on this.
In EQ Smithing is purly a money making venture, and a very lucrative one at that. The Banded market is a constant money maker, I would make on average 100-160pp a day on a weekend, once I even made 300pp (thats 3000 gp) in a saturday... got my self a nice Oracle rob for my Smithing Enchanter that day ^^. The main problem with EQ\'s smithing system is that almost every thing before and after Banded Armor (which is makeable from 100-170/trivial) is pointles... you spend 9 hours straight making Skewers to get your skill from 50 to 115.. and NO one , bar the odd cooking enthusiast wants them... You get, and i have gotten, and made friends with the odd Master Tailor Druid who i supply with Metal Studs from time to time, but other than that you make just banded armor... granted I was on the list of many peoples friends lists and they would often forward my name to fellow adventurers loking for cheap banded... so buisness was good. But as far as the fun factor was conscerned Smithing in EQ is a boreing as hell... They incorporated the Racial Armor reciepes and plate and chain mail recipies about 6 months ago in hopes of Boosting and make Smithing more exciting... Talk about a failure...
The racial armor was not only damn expensive and DAMN hard ot make (waiting 3-4 RL days killing 1000\'s of dune turantuals in SO-Ro to get the Terrorturantula to spawn to get just 1-2 terror silk swatchs (you needed about 4 of them, to tailor some Erudite Silk steel ARGH!)... not to mention having to pay 40pp each(even with a 153 Charisma) for Medium Quality blocks of ore to try and make plate field armor, add tot hat the mold price even for just teh guantlets at about 20pp... and you talking a HUGE amount of money needed to make a peice of armor that while light weight, was inferior to the armor found out on mobs... and no player that was around teh right level of the AC was able to afford the prices smiths had to sell this stuff for to get any money back... so ultimately .... it still remains good old Banded Armor.
EQ- pros
Big money maker, Make lots of friends, People realy appreciate your wares sicne they would still be useing them right into there 30+ levels (id often travel and see people i had sold suits of banded to and at lvl 8-15 and id see them at lvl 31 and theyd still be wearing the odd peice, and often theyd be still wearing teh lot!!, and theyd always say hello and thanks for teh armor... which was nice).
EQ- cons
Hard/slow time to gain skill unless you have super int but even then youd still take ages (most smiths where casters!!!, i mean alittle odd aint it). High level armors where useless and un-wanted past there novelty value (but there manufacture cost was to high to make them even remotely feasable). All Items bar Banded Armor where useless. All materials had to be bought ie Ore, Molds, Metal Sheets.
ok now to UO... UO to many has teh best damn tradeskills in the current mmorpg market, and id have to aggree with this. In my days as GoldDigger the GM Smith and GM minner in the opening months of the Oceania shard i had some of teh best times in all my year of playing MMORPG\'s... while it may not be as lucrative as EQ\'s smithing, Smithing in UO was more of a social thing. I rememebr the days where me and 4-5 other smiths (whos names are long forgoten to me, but there dressing habbits will never fade... the naked steel glove wearing smith and the pantless platemail clad smith would be crowded around the forge in north britania hammering away and making a real din, swapping jokes congratulating each other on a skill gain and generaly being good friends. people would pass by and ask for the odd weapon or peice of armor, mroe often than not they wanted us to repair there worn gear first.. which we did for free. We\'d come and go leaving to go mine or buy some ore. Id often be seen mining inside the guard zone and leap frogging 1400 stones worth of ore

to teh smithing house in south britain. After that i learnt that mass horse teams worked better, and where just as quick. hunting for spots where the rare agapite, valourite ores where was one of my favourite past times (besides sailing the britannian oceans).
UO- pros
All materials needed to make items are findable in the world through mining. (before they developed the lvling hour system) it was a real boasting card to say you where a grand master smith.. since the more smiths that where on teh server the harder and slower skill gain became... so those like my self that had gotten in first often got alot of respect. the things you can make are diverse and also used and needed by many of the other tradeskills in the game. Due to weapons being more or less teh same as one another, and up to personal preferances, people would want you to make alot of differant things... not just infernal banded like EQ.
The local forge was a real Blacksmiths club, and a colorfull lot we were ^^.
UO- cons
overly complicated system for smithing, alot of clicking!. Limited amount of items to make resulted in boredom setting in quickly. Most money was made through making bulk items like kite shields and selling them to NPC vendors for a profit (as long as another smith had\'nt already flooded that vendors need for shields)... i earned teh mony for my first house this way, took me 2 weeks to get teh 40,000 gp needed.
So to me UO was more Fun, while EQ was more satisfieing... whats al this got to do with the Topic...
good question... nothing realy. im feeling down and remanissing about finner, happier days on this sad morning (one of my cats that was dieing was put to sleep an hour ago). but the main thing is.. how ever we make teh smithing skills be rest assured it will be both fun and entertaining.
in EQ smiths have no monopoly on the trade, there are lots of them but buisnes is great, While in UO master smiths have quite a tight hold on the Skill but less of a lucrative buisness. so in both situation they are equal... take your pick
And now for a minutes silence...

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Lute Holden - Died 21/1/02 Age 10 years
In memory of a much loved member of the family. Struck down by Cancer. You will always be remembered most fondly ;(