It wasn't cheating. It was making a spell that didn't svck. I think there was one spell that was worth a d*** in oblivion: the 100 shock on target spell. Thats it. All the rest i only purchased for the effects. Morrowind didn't have ANY worthwhile purchasable spells (of course it made up for that with having a fully customizable and easily reachable spell crafting system. Oblivions was a bit more aggravating to use but not by much)
Granted, the Oblivion magic system was horribly broken, that's why I always played with mods that altered it.
However, that's no garantuee that Skyrim's will be broken as well. With the removal of spellcrafting, I hope they can make a much more balanced system that makes buyable spells actually useful. By doing so they might be able to make a robust magic system that's much more interesting to level in.
But it works both ways. If they succeed to make a balanced magic system, it won't matter as much that they removed it. If it's broken like in Oblivion and Morrowind, it'll really be missed for pure mage characters. It's really hard to tell up front how it will turn out, but to criticize the decision right away and be outraged like some people is a bit premature in my opinion. As others have tried to explain earlier in the thread, it might even be better for character customization, especially combined with the perk system.
It all depends on implementation and I hope they'll nail it this time.