Okay, this is coming from a person who has traditionally despised role play in all of its forms, hates Princess Bride, hates Star Trek, is luke-warm about Star Wars, never played Final Fantasy, own and played Morrowind and Oblivion but hated them because role playing fantasy games were just "we-todd-did" in his opinion. I have always went back to my beloved Madden and Call Of Duty games because I loved them. With that being said, it gives you a bit of background about me and how I have always felt about RPG games. But Skyrim's magic (and overall game play) is awesome. Since I have no knowledge really about magic in the earlier ES games, I can only go with what I know in Skyrim - magic is great, if you know what you are doing.
None of this silly comparison to old ES games like "Oh, wah wah wah I miss spell creation....blah blah.....tina come get your ham...." type stuff. While it may have been good, your question is not "compare skyrim mage to other ES games magic". So, again, magic is great if you know how to use it. I always compare it to being a chess player (I LOVE chess). You must be tactical and not just go all "Leroy Jenkins" with destruction think its the end all be all. You need to plan and use support magic, walk into a bad guy's dwelling? Cast a flesh spell for armor, notice that bad guys have weakness to fire, conjure a couple of flame atronach, cast flame cloak, hit them with illusion spell, cast a flame rune, the duel equip fire bolt. Getting hurt? Cast a restoration spell. Running low on magica? Get your enchanting up and enchant some cost reduction gear or magic regen gear.
Magic is great, but it cannot be used like a first person shooter just going all willy nilly blasting things with destruction and thinking you'll be invincible. Have maybe a primary school (or two) that you use, then have a couple of other schools as backup.