to be honest, as a mage who doesn't need most of the crap i find, all it does is allow me to not pick up every piece of armor i have and stay away from town longer. i find going back to town to sell/dump stuff to be tedious at this point.
power leveling would imply i'm only increasing those skills. while my smithing is higher than my destruction at this point, even with my first character (tank), my smithing got to 100 well before my one-handed did (don't even think my one-handed ever got there).
/shrug
one thing i've discovered is it's much, much, much easier to power soul gems with a melee weapon or bow than it is using the soul trap spell. it doesn't look like soul trap has much of a range so it's really only useful against beasts who have no chance of killing me (i have like 26 total armor). in that respect it's good that i have these banish daggers as buying filled grand soul gems when i see them is my only real option of getting them (other than finding them).