It looks like weapons have been balanced with a bladesmith crafted version in mind. And that version still needs to be weaker than any legendary weapon.
As for obsidian/black ice it seems like they have no idea what to do with them yet and have moved them down in damage so they can balance everything else first.
However, there have been many changes to NPCs, with a legendary weapon it can take 1-2 hits to kill anything. With crafted it might take a full combo of heavy attacks. Some NPCs also have more armor so using a 0 pen axe on at 68% dr forgotten tribe person will feel really weak.
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