I've played through much of Oblivion in the past, about 4 or 5 years ago. I don't know why I never used the Weakness spells much before. To some extent, I always figured that by the time I cast weakness spells, I could have used that magicka and time to cast direct damage spells, which is partly true. I decided this play through to give them a try, though, just for variety.
Stacking a 100% weakness to magicka, followed by 100% weakness to poison or an elemental damage really makes that following attacks quite a lot more effective, and since even with just 75% Destruction, I can make the debuffs last 12-15 seconds without making the spell too expensive, and having an area attack to boot, means that casting them can make 3 or 4 following spells ALL much more effective. I've also been reading on UESP about the stacking of weakness to magicka plus weakness to elemental, and apparently they multiply together AND the weakness to magicka, (I think?) increases the magnitude of the weakness to element (?), if I understand it correctly:
Original Damange equals X1; New Damage equals X2
X2 = X1 * (Weakness_to_magicka + 1) * ((Weakness_to_magicka + 1) * Weakness_to_element + 1)
Assuming 100% for both weakness spells, I take this to resolve to:
X2 = X1 * (2 * ((2) * 2) = X1 * 8
Is that right? I'm not entirely sure that weakness to magicka increases the weakness to element, but even if it doesn't we're still talking 4 times the damage, maybe 8 times.
In past play throughs, I typically relied a lot on potions to allow me to "mana dump" - fortify intel + fortify luck + fortify magicka + restore magicka means that one strategy is that you *can* just spam out lots of direct damage spells (fire, frost, shock, dmg health).
But, with Weakness spells, I can often just hit a group of enemies with the two debuff spells (with an area of effect), then hit them with one or two fireball or other area element spells and the fight is over, which I can usually do with just a single mana-bar worth of mana, meaning I don't even need potions.