Does anyone know are these 2 mods compatible with each other and are they even worth having ?
Whats do these mods change in magic ?

Thanks.

Edit: Oh, and for CM Companion Mod, should i make companions Essential or not ?
Because Essential companions that go with me seems like cheating

Thanks.

There is a Mods section, and we have http://www.gamesas.com/topic/814477-magic-overhaul-comparison/ that will answer your first question very well

Use the correct forum and above linked threads please