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Lets use an example:
Creep Cluster, Swamp Fungal Pods and Imp Stools make a paralysis potion.
So taking what FauxFurry said about giving characters access to spell effect earlier, you're receving an expert level ability as low as level 1. You could bascially paralyze people for like 3 seconds, and while they are paralyzed, you can steal from them...(everything) even kill them and there's nothing they can do about it.
A thing to consider too is that all these ingredients can be harvested in the wild, and a good strategy is to visit all major holds, create expensive potions, sell the potions, buy up more ingredients to repeat the process in all the holds and before you know it you're a rich person that can become anything because you'll have crazy amounts of Gold to train any skill and your alchemy will be godlike, thus more stronger and valued potions.
Nordic Barnicles, Salmon Roe and some Garlic create an extremely expensive potion so be sure to buy/steal/loot them at all cost.
Once you're a master Alchemist (100, got the correct perks) it should be better than any Deadly Frenzy Poison. In fact, every poison and potion you make will be a way better version of what you will loot and find.
Alchemy is trollish at first. Surely a Blisterwort and some Wheat that most people learn in the beginning is more costly, and rewarded less healing (I think 17 HP?) as opposed to just buying a HP Potion that restored 25 and was cheaper. But oh sweet mother of baby Talos make the same potion again once you're a master and you'll see.
Also some effects are rare to find but easy to craft and still useful at lower %'s, such as fortify conjuration.
Haggling potions, again in bulk. Junk haggling potions for your junk loot, save a good one for good loot.
Ludicrous gold income from even the worst Damage Magicka Regen poisons, which can also be necessary for making mage vs mage combat manageable on Legendary.
There's also something to be said for being able to apply a damaging poison for every sword/dagger hit, though it's pretty tedious to do so. Still, 10x10dmg is more than 2x30dmg.
It is a support skill, though, so it isn't a replacement for a weapon skill or defense.