Totally agree with this. I never touch the slider, as it makes everything feel cheaty. :shakehead: But that's me. I'd rather use whatever resources my character's got going at the time and go with them.
I don't understand the "cheaty" part of using that slider. If it's not cheating to turn it up, then it's not cheating to turn it down. It just alters the "damage dealt" proportion between player and enemy. I try to set the slider for "realism." My character shouldn't be immune to big damage from an attack, and neither should an opponent.
Having said that, I don't move it around, once I've found a setting that works for my character, which is usually only slightly up or down from center. I tend to play deliberately "gimped" characters, so I usually have the slider slightly high, to emphasize the character's weakness. But that's just personal preference.
I'm in agreement with the suggestions to work on alchemy. There's really no down-side to alchemy. In fact, in an emergency, you can eat Daedra Hearts, Venison or Cairn Bolete as a quick restorative.