the-elder-scrolls-v-skyrim
So I found this Easter Egg after reading Notch's (The creator of Minecraft) Twitter.
One of the stats is that it improves Smithing, however it does not state by how much. I can not seem to find any difference at all, when creating new armors and weapons.
Also, would it be worth disenchanting it, and apply the effect to more of my stuff?
The Smithing perks are a touch misleading.
First, consider this major point:
You don't need any smithing perks to improve any (non-magical) piece of armor. If you have the right material, you can improve it at the appropriate place. This will temper your weapons to (e.g.) (Fine) quality descriptor.
The smithing perks let you be more effective with your tempering at lower smithing skill, so instead of upgrading your gear to (Fine), you can upgrade it to (Superior).
The UESP has compiled this handy table to explain the effects of tempering.
Weapons are improved at the grindstone.
Armor is improved at the workbench.
Best Answer
I just climbed Skyrim's tallest mountain for you. The notched pickaxe increases smithing by five.
It is not leveled loot, and does not stack.