I've got two characters building alchemy, neither of which is a crafter mule. (They are on different shards.)
The first is a more or less classic mage, with the goal template:
* 120 Magery
* 100 Eval Int, Meditate, Resist Spells
* 100 Wrestling, 100 Inscription, 100 Alchemy
At some point he might trade off the Wrestling for Poisoning, unsure yet.
The second is a necro-poisoner:
* 120: Fencing
* 100: Tactics, Focus
* 100: Necromancy, Spirit Speak
* 100: Alchemy, Poisoning
Having the Alchemy skill offers several associated buffs:
* If the user of explosion potions has any alchemy skill the damage will be increased by 1 for every 5 points of alchemy skill the user has. The effects of Enhance Potion items are also added to explosion potions. Explosion potions cannot be used if you are [frozen].
* If the user of conflagration potions has any alchemy skill the damage will be increased by 1 for every 13 points of alchemy skill the user has. The effects of Enhance Potion items are also added to conflagration potions.
* If the user of invisibility potions has any alchemy skill the duration will be increased by 1 for every 10 points of alchemy skill the user has. The effects of Enhance Potion items are also added to invisibility potions.
The latter character is still relatively new, while the former just started the Alchemy path recently. Neither believes that Alchemy is just for mules any more.