Opening a craft's menu now shows, at the very bottom, Make last, with the picture and the name of the last piece you asked for in that craft. One click and your character makes it again, without going through the categories: in smithing, one more dagger no longer means going into Weapons and then Swords & Blades.
Each craft remembers its own last piece, and each character its own. It is kept in your browser: on another computer, the button shows after the first piece you make there.
The menu shows only what your skill and your material allow. If the piece is no longer in it (because you ran out of ingots, say), the button does not show, or it takes you to the menu where the piece was so you can choose another.
More about smithing, in its guide.