I also think the destruction school that most people complain is underpowered is just about right (well, once you've addressed the magicka balance issues with a little enchanting exploitation) - I can one-shot a small proportion of lower level enemies and feel powerful doing it, but most encounters turn into something lengthier and more interesting. My dual wielder and archer characters, at the same level (around 40) with the same level of crafting skills, both one-shot just about everything, turning every fight into the same exercise of point and click. I really like this game, and the difficulty up through about level 20 is great, but the scaling and available buffs quickly start to get out of whack after that, even if you keep your crafting skills locked in step with your combat skills.
If you consider the arc of the character however, with a creature cap at level 50, the majority of creatures are now below your level. I don't think its unfair to assume, that Bethseda expected the standard story arc for a character to exceed level 40 to 50. The final 10 levels really should be the "overcome obstacles" point in the story. The problem really occurs is that people grow attached to a single character and push them further and further up levels, to "see everything" with one person.
Generally, if the game is split between 2 or more characters, the problem is a lot rarer.
The optimisation of a character for damage per second, simply isn't something I believe this game considers to be its core audience. I don't think I've seen a single argument that TES games have ever been about optimisation instead of freedom for individual stories.
In a perfect world we would have both and everyone could be happy, but I don't have the capability to think of a system that would allow both. Every attempt I've seen is deeply flawed even more so than just being one or the other.
Even the on the surface simplicity of the addition of a Super-l33t Master difficulty that gets banged around every so often would basically come down to all the hardcoe gamers choosing a single character archetype to complete the game. Then they would complain its only possible with one type of character and demand that all the skills are made perfectly balanced like an MMO. If Bethseda follow this line of reasoning constantly to its bitter end you end up with a game that doesn't look like a TES game at all with even less skill and story, and the hardcoe "beat the game" gamers can deride the roleplayers whining in the forums that their game got destroyed. The road to hell is paved with...
I am willing to bet, it never, ever occurred to Bethseda that some of their players would actually sit, and calculate the optimal method to pick up +5 in each stat in Oblivion, to ensure maximum value per level. It would also seem apparant from Skyrims design, that they went out of their way to try and reduce this mentality.
I shouldn't have to say this, but its easier to list my argument in this way, but obviously, and clearly, is just opinion.