I can live without it so long as max spells are in the game. If there are spells to paralyze someone for a minuet, 100% chameleon for a minuet, and spells that will turn me into a giant rock monster, i dont need to make my own spells.
This is the theory based on the footage we've seen. From the looks of things we should be able to cast a fireball spell to the full extent of our magicka.
If your magicka pool just happened to be a very god-like 10000, then your fireball spell charged up with 10000 mana would give it a gigantic area of effect with a massive amount of damage to those caught in its blast radius.
No word on invisibility, paralysis and chameleon. My guess is that Invisibility would be a continual use spell, that is you could be invisible for as long as you had magicka to drain or broke the spell by performing an action (or had dispel cast on you). Paralysis could be chargeable and if it is the longer you charge the longer the effect will last. Chameleon was considered game-breaking because of exploitation. With the new magic system Chamelon cast with a skill level of Master (100) might make it 100% chameleon. Its too easy to exploit, I doubt it will make it into the game. Or it may be altered in its effect to be less god-like.
Another rule of the new magic system: the higher your skill level in a particular school of magic, the less those skills will cost or the more damage your magic will do, or the more effective your magic will be.
No relationship between skill level and casting time or charging rate has been determined.