Then it's a bit confusing that you refer to "the original" as Midas Magic doesn't have a predecessor. Anyway, I thought you referred to Mighty Magicka in the first quote, so the rest of this post is based on a misunderstanding. But I might as well get in a word for (the first) Mighty Magicka, which sometimes is dismissed as overpowered and unbalanced - and in a way it is, totally so. Magic is so powerful that it is completely unbalanced compared to melee. But at the same time it is consistent and balanced in its own weird way and is just very fun. You can face a dozen summoned Clannfears at the same time, my Lvl 15 char was one hit killed by a Skeleton Archer etc. Can't comment on the second version of it as I've never tried it, but the original Mighty Magick is a classic IMO, much as Stiehl's Mighty Umbra.
most RPG games I have played every mage class (even sometimes the "healer") was always "over powered" when it came to hitting hard....but usually - as is the case with my mage character in Oblivion - the amount of hits one can take is severely limited. Even my assassin seems to survive better when it comes to taking hits than my mage does. I never thought original Oblivion magic was unbalanced in the sense of Over powered...I did think it was under powered and severely neglected as to the extent of what should be done with the release of a powerful wave of condensed energy strong enough to do physical harm.
I have not tried Mighty Magic myself, as I believe I have attained an absolute perfect relation between spells and balance using Midas Magic and LAME. If you do not cheat to get spells in Midas Magic, really sometimes those "over powered" spells don't seem so over powered after what all you have to go through to get the ingrediants. And those spells that are over powered....ignore them. There are only like...you know....200 some-odd new spells in the game.
another thing to note (going back to the balance of Magic) in any game is that Magician's attacks are based on the amount of magic they have. Once they run out...hope you are a fast runner or got one last trick up your top hat, because otherwise, running out of magic means certain death. While that usually applies more in MMO games and other more traditional RPGs, it is still there in Oblivion gameplay...just...not quite as much. I found a "Paladin" better, as for pure mages...well..they're just rubbish...dieing all the time. So my mage character is skilled with a blade and using magic. I usually only use my blade when I am in a bind, but for the most part, I am throwing lightning bolts like Zeus on a day when he doesn't get sweet lovin's from one of the many goddesses.
When I first started, all I did was throw fireballs and lightning bolts, focused completely on the stats of Willpower and Intelligence...and...jeeze..with that, battles were difficult - so thats why I switched to also building my endurance and a little strength :hehe:.
So...there is my insight on "unbalanced" magic.