I may not be as much informed on all details on CHIM as quite a few people here have overly discussed, but there's one thing I never really saw mentioned.
I apologize if it's just something that I missed, but from my limited knowledge of what CHIM is, I saw a bit of similarity between it and the concepts of Alteration Magic.
"To master Alteration, first accept that reality is a falsehood. There is no such thing. Our reality is a perception of greater forces impressed upon us for their amusemant. Some say that these forces are the gods, other that they are something beyond the gods. For the wizard, it doesn't really matter. What matters is the appeal couched in a manner that cannot be denied. It must be insistent without being insulting.
To cast Alteration spells is to convince a greater power that it will be easier to change reality as requested than to leave it alone. Do not assume that these forces are sentient. Our best guess is that they are like wind and water. Persistent but not thoughtful. Just like directing the wind or water, diversions are easier than outright resistance. Express the spell as a subtle change and it is more likely to be successful." -- http://www.uesp.net/wiki/Lore:Reality_%26_Other_Falsehoods
If I'm not mistaken, I believe one quality of attaining the Godhead was to "accept that reality is a falsehood", and in return able to alter the reality around them, just as the whole concept of Alteration Magic. Now of course CHIM's abilities are much more than "subtle changes", as the Mage is still limited by their own pool of Magicka.
Still, I might be missing something, but how far fetched would it be to see CHIM as just a very powerful form of Alteration Magic, and really the only Law & Limitation really needed to escape was the need for Magicka, that limited how much you could change?
I'll avoid from saying too much to keep things simple.
Your thoughts on this? or just simply let me know if I'm just completely lost and don't know what I'm talking about.