HEY, HEY. This is not Oblivion.
Your quest here is not to become UBER LEET and descend into the fiery planes of Oblivion slaughtering Daedra with your crazy magic skills without being hit and laughing manically.
Skyrim is a journey, as the dragonborn. Learning who you are, discovering your MAGIKA-COST FREE power inside yourself. That can disarm, subdue, disorient, damage enemies; whatever you require in the situation.
See my point? You don't need masses of spells, you don't need masses of weapons, you have shouts, the game is built around the dragonborn and the voice. It's not as free roam as previous games in the series. There's a much bigger emphasis on guided questline, you must do certain things, gain certain abilities.
Ergo, you're complaining about something silly. If you want lots of crazy spells, buy Oblivion, make your own, slaughter countless Daedra, enjoy.
If you want more of a story, where you imemrse yourself into the character, and learn to master the skills you choose to level ON top of your birth right of the voice. Then Play Skyrim, enjoy the variety you have in shouts, enjoy using them in different ways for different situations. You'll realise you don't need any more spells than what you have, and the game is very much anjoyable and balanced.
Rant over.
I already bought Oblivion, and Morrowind, and I legally downloaded Daggerfall and Arena. But I can play 5 games at a time and even more, so I can't see why I need to buy Oblivion if I don't like something about Skyrim.
Also hasn't it long been the very idea of The Elder Scrolls that you can "be whoever you want to be and do whatever you want to do" ? Why are we suddenly only one character, and why must we only accept that as our role. Also having all of those spells I mentioned in the OP for Oblivion doesn't make you "UBER LEET and descend into the fiery planes of Oblivion slaughtering Daedra with your crazy magic skills without being hit and laughing manically." as you so called it, not any more than you want it to, heck with those spells you could even be weaker than in Skyrim but with more choice. That is the crux of it, having enough choice to feel satisfied about it. How is it so bad that I'd like to use my Alteration skill to shield my summons now that the shield spells are useless for me as I have 600+ armor rating ? Now the only Alteration spells that have to do with combat that I even gain a sliver of benefit from is Equilibrium and 2 different ranks of Paralyze, and I have none of these spells yet so in combat I have 0 use for my Alteration skill as it stands... so how do you propose I even level up my Alteration in any normal way where I am not grinding the skill ?
Also what is this talk of balance, this is a single player game. If someone wants to be a god in his game he or she should be perfectly capable of that (and you are if you use the 3 crafting skills of Skyrim) and if you want to be weak you should have the choice to do that too.
The very reason I started this is because of how stuck I am with my Alteration skill, and in my mind that shows how broken the skill is due to it being so limited in Skyrim.