In skyrim there is a definate lack of spells, but what they make up is balance and more detail included in each individual spell. An example would be in oblivion all 3 of the destruction spells, frost, fire and shock. Were exactly the same damage dealing spells with almost no differences. In skyrim they have different affects, such as frost does damage to the targets health as well as stamina, and shock does damage to magicka too. This makes spells more diverse and each have benefits. I personally would rather have a more in depth spell system with a smaller arsenal rather than a whole array of spells which are not in depth.
Also in previous elder scrolls you could make your own spells. This made the magic system more interesting as you could create fun and unique spells, although it also lead to a lot of abuse and game breaking spells. The lack of spellmaking in skyrim is a dissapointment, but from the developers point of view it has stopped players from creating these overpowered spells.
But all in all I personally don't care about the combat or magic system in the elder scrolls games. All they would have to do for me is bring out an elder scrolls with 500% more books and they would instantly have me as a buyer.