It seems like I'm having a problem in a script using GetNthEffectItemCode
migck raised an issue http://www.gamesas.com/index.php?/topic/1056666-relzstealthy-absorbs-and-drains/ about SetSpellHostile... it seems your override is runtime-incompatible with the base OBSE version, so non-OBME-aware mods that use this command actually break when OBME is added.
Thank you for pointing that out. I apparently overlooked that function when writing my patches. I will obviously fix this in v2, but if that looks like it will take too long I will release a v1.1 patch to address it as well.
I'm glad to see this progressing nicely.
I was wondering about the item consuming/requiring spell effects that was discussed a while back.
This will be possible in OBME v2. Magic effects aren't going to have a material cost, per se, but you will be able to fake one very convincingly using a combination of the new handlers and script callbacks.
One quick question, have you planned or would you mind unlocking scripted effects' magnitude stat, if that's possible? Even if that value does nothing, I'd really appreciate it, it would be of great help.
This is already possible. Open the 'Magic Effects' dialog, select "Script Effect", and check the box labeled 'Has a Magnitude'.
I've noticed this mod tends to break when used with vampirism in some cases. Not sure about all, but I'm using the LTD vampires mod and most saves simply crash upon loading when using it with OBME. Removing OBME fixes the problem. My guess is that it is the handling of the vampire bonuses that causes the problem with OBME, cause what else could it be? It's a shame, cause I really miss the spell overwriting and partial dispel.

This may be the same issue that caused CTDs for a number of other people as well. Could you email me (jroush.tesmods@gmail.com) a copy of your savegame and the debugging logs (OBME.log, found in your Oblivion\ folder)?