Yeah. Here is a small glimpse into magicka:

Fire - DPS damage, high rate of damage give out.
Shock (lightening) - Damagess magicka. Also does damage, just not quite as much as Fire.
Frost - Slows enemies and does damage, just not so much as Fire.

"More so than in Oblivion, Skyrim’s new magic system also gives players legitimate benefits to using one attacking spell over the other. Fire deals the highest amount of damage, lighting drains the enemy’s magicka, and frost drains stamina and slows down enemies physically. This gives players more incentive to use particular spells against specific enemies. Why shoot fireballs at a wizard when you can simultaneously drain his heath and magicka with a shock spell? “There’s a gaminess to it that we didn’t really have before,” Howard says."
http://ch1ckensniper.com/post/2920565953/skyrim-combat

I have a feeling the amputation will probably be tied to finishing moves if anything. That being said, there will probably be few and far between that will happen on occasion. Who really knows though.

I would be fine with this. Overuse would diminish amputation's power and effect.

This thread must be fun for Germans.