Likewise, Oblivion's system was more straight-cut in regard to enchanting items than Morrowind, with wearables having Constant Effect enchantments and weapons having On Strike. Morrowind allowed for the creation of 'Cast When Used' armor and weapons, as well as consumable spell items from misc stuff, but Constant Effect was much harder to obtain in any form.
I'm going to hazard a guess that Morrowind's the fan-favored on both fronts, but there's always room for improvement. With Enchant making its triumphant return as a skill, how do we all want Enchant and the systems involving it to work?
I think I'll withhold my own ideas for the moment out of curiosity for what the community thinks. I'll post in here later.