It's nice to see generic masterwork weapons of every type. They've always been common, but only for certain weapon types (Falkovnian Talon Blade, longswords).
I don't think player smiths should be making masterwork weapons though. Then we start having conflicting ideas on what's masterwork, what's steel, why can't my weapon be masterwork and steel, and certain weapons definitely benefit from stacking these effects more than others; the idea would also borderline encroach on enchantment territory.
Something that would be acceptable to me would be the use of lesser magical essences to enchant steel weapons with simple +1's, for something cheap like 1000 xp. That would also help with the enchantment marketplace which is mostly monopolized at this point, giving new enchanters an easier place to start gaining craft experience.