Something working and something being FUN... not the same thing. Magic in ob wasnt fun.
No, it's not really the same as enchanting restoration to a piece of armor (or whatever else)
There are still limitations to it: I'm still not invincible (the spell does nothing for my health), I still have limits on my magicka (If I have to take on five enemies or so I'm going to have to take a potion or two), you have to hit the enemy within a set period of time or the spell effect wears off.
Even with this spell magic was still fun. It wasn't about being powerful it was about figuring out the mechanics of magic and trying out different effects. There are a bunch of other spells you can combine and entertain yourself with and combat is only one aspect that makes the game fun.