A few ideas from another games, but which I think might fit well:
* Acute Hearing - all character based sounds (speech, noises) increased in range, rest decreased.
* Vision Water - better visibility in water, removes wavy effects and tunnel vision etc.
* Vision Gas - better visibility is gases.
* Vision Animal - adjusts gamma curve.
* Vision Night - night vision goggles, replaces Night Eye.
* Vision Heat - makes anything living glow against background.
* Vision Expander - increases the field of view.
* Breathe Water
* Breathe Gas - important for gas traps and natural gases in some dungeons.
* Walk on Water
* Walk on Gas - i.e. gas caused by lava in a chasm, allows you to walk over instead of finding a passage.
* Sense Magic - weapons and clothes of foes will glow, indicating they are magic. Nice to know BEFORE the fight.
* Sense Life - senses life, even from behind cover.
* Sense Undead - senses undead, even from behind cover.
* Sense Divine - senses Dremore, Daedra etc, not of this world.
* Sense Destiny - Gives you an indication on where you need to go, based on quest. No more arrows! Effect decreases with closeness.
* Sense Trail - Where did your last opponent go if he ran away (no more fighting until death nonsense).
* Float - Makes it easier for you to swim in water and get air (breathe spells are high level). No more plated steel swims!
* Sink - Lure a foe into water and he will float less, probably sink to bottom and die.
* Resist Criticals - Against weapons that are designed heavily for causing critical hits.
* Maintain Soul - Resistance against soul trapping (for foes).
* Wall of (any material, elemental, poison, gas, dispell, effect in the game).
* Ring of (any material, elemental, poison, gas, dispell, effect in the game).
* Cage of (any material, elemental, poison, gas, dispell, effect in the game).
* Wall of (any material, elemental, poison, gas, dispell, effect in the game).
* Sphere of (any material in the game).
^------ Can be dispelled or bashed. Dispell effect means area where no magic will work!
* Mark of the protector - Prevents friendly fire accidents on companions.
* Transfer of the protector - Transfer item of choice to companion, and he might use it.
* Mark - Good old, good old...
* Recall - Good old, good old...
Not even half way, but got tired