[quote=GreivousKhan]
So, what exactly is the difference between Smiths Beyond Equal and Master Smiths?Seems like the first is more quality over quantity.
[/quote]

Pretty much that. Though the former is also more reputation. Random events involving "foreign traders" are more likely to visit a Smiths Beyond Equal than a Master Smiths. 

Master Smiths, on the flip side, produce still very high quality, but more quantity, valued by militaries.