Yea, I'm not a fan of the absorption exploit either. Also, offensive magic has the tendency to get spammed. For instance, I tend to make little spells like this:
Damage health, 1-2 + 1-2 / 2 levels, area at range. It's the cheapest fireball you can make, and you can easily just use the "recast spell" button to fire off a barrage of these dinky fireballs at the floor in front of enemies. Even if they don't take very much damage, they really add up. And because of the area effect, even if they don't take much damage they are still knocked backwards by the blast--and pushing enemies into walls, whether by an area spell or a really good weapon hit, causes extra damage.
As defensive classes go, stealth can be greatly enhanced by a good shadowform, chameleon, or invisibility spell. Make sure you make them in the spell maker and pick the (true) version, because those will persist even after you attack! That makes it much easier to sneak into a crowded room and fight one enemy without the rest joining the fray. Shadowform is chameleon that only works in darkness and is thus cheaper--remember that dungeons are all darkness
Anyways, I don't do a lot of combat magic, offensive or defensive, so you'll do better to wait for someone like James Wildspell to pop in. Most of my magic is utilitarian.
Or nukes. Nukes are fun. Blasting your entire magicka reserve on one spell is pretty dang cool. Keeping a super-expensive and powerful reflect or absorb magic spell in your pocket can also be really good when you come across heavy spell users like liches, vampire ancients, and high level human mages. Blowing your wad on one spell is worth it if it renders their magic useless or self-hazardous in the process. Heck, sometimes it's the only way. Because those types typically have high spell resistance, casting spells on them isn't very effective; better to cast something on yourself that will help instead.