Do we have to deal with the slow magicka regeneration rate, will it increase as we level, or are there perks that will speed up the regen? As a Mage, I would be devastated if I could only cast one powerful spell per minute. I will have to get used to the whole waiting for Magica regen thing anyway, because my current save has 1,000,100 intelligence and willpower.

One more thing:
I noticed that there are a few spells (like Flame Tempest I think) that use more magicka than most players can possible get without cheating. I think most spells should be more reliant on skill, and less reliant on having an abnormally large amount of magicka.

It's been folded into the magicka stat. There could also be perks under certain skills.

I really hope so! I've gotten accustomed to having my magicka not even go down from casting a crazy-powerful spell. Having to actually watch the little blue bar regenerate will feel like watching grass grow. I may be forced to switch to an archer if it's too slow...

Magicka regen was quite fast enough in OB, imho. You don't really expect them to design a game catering to the expectations of anyone who has used cheats or glitches to increase stats? Or is this some convoluted sarcasm? With that much intelligence you wouldn't need it to regenerate. So trolling? Flamebait? Posting because you are bored?

Anyway, would be quite happy with a bit of regen, maybe a little slower than OB, it's another of those things like the run speed or encumbrance capacity, which really requires a set of general, non skill-specific perks.

I'm not trolling; I'm simply telling what I'm used to.

I wouldn't ever expect Bethesda to do something that ridiculous (I do it because I like to make funny spells like paralyze for 1,000,000 seconds or fortify speed 1000 points for an hour on touch.), but I don't like to wait for too long to be able to attack again. I intend on being a magic-using archer. The bow will only be for assassinations and emergencies due to the limited number of available arrows.

That brings up an interesting point. Will the three stats do anything besides determining the quantity of health, magicka and fatigue/stamina?

Fair enough. If you need constant magicka, you can effectively achieve this through alchemy anyway, without needing glitches, and why have an emergency bow if you're not going to poison the arrows?

I really hope so. For example, a devout Mage who doesn't even bother to increase his/her health should be given significant bonuses for the devotion to magic-based combat.

Are you kidding? You should see the non-modded poisons I've made! Damage health, paralyze, damage fatigue, and drain magicka-- all in one poison. And then there are my modded ones (lol) paralyze for 4,135 seconds. I bet you can tell my favorite spell in OB... Hehe

Would this work?

0.01*(((0.02)*(Alteration+Conjuration+Destruction+Enchanting+Illusion+Restoration))+0.75)*Total Magicka.

It's very similar to http://www.uesp.net/wiki/Oblivion:Willpower#Magicka_Regeneration.

EDIT: If each skill is 40 and Total Magicka is 100, then the result is 5.55 magicka points per second.

Just get rid of the first two numbers. Lol! Maybe a little bigger than that. I'm not too sure, though.

EDIT: after reading your edit, that sounds pretty good.