Except spell crafting was the only reason to use magic, and made circinate spells worthless beyond purchasing the cheapest one purely for the effect. On top of this, the system was easily abusable.
But I'm sure you'll counteract with "BUT THEY SHOULD JUST BALANCE A FEW BILLION COMBINATIONS" right? I hate to quote Todd, but spellcrafting took the magic out of magic.
There is no place for extensive balance in a single player game, it is unneeded... Spellmaking put the magic in magic, it allowed us to create personal spells and RPing spells. Still, we are all entitled to our opinions and I understand your viewpoint: magic was incredibly powerful in Oblivion to the point were it was, indeed, mildly ridiculous. I believe that, if we returned to Morrowind, with spell failure and increased magicka costs/decreased magicka pool, things would end up being a bit more controlled until higher levels... :sadvaultboy: