Short answer, no its not good enough. I want to make my own spells.
If I am the most powerful mage to walk tamriel, Im pretty sure I'd be capable of creating my own spells.
In fact its highly likely that you would, no one else could cast spells as powerful as you and you would have to create your own spells out of necessity.
I won't be hurt if spellcrafting is gone, seeing as the system is basically still in the game if you think about it. Now you can have spells in each hand, that constitutes two different spells. Then each spell can do different things depending on how you use it. You can make constant channeled spells by holding the attack buttons for each spell, so that 4 different effects. Also, you can place spell runes on the ground as traps for each spell so that's 6 different effects now. Also you can cast both at once to make one big powerful spell at once, so that ends in 7 different effects at once. That's more than spellcrafting ever gave you, think about it. If people would just take the time to work out the information given in Skyrim, the customization far outweighs Morrowind and Oblivion and even surpasses Daggerfall....DAGGERFALL!!!! So please don't just say that the game is getting "dumbed down" and too simple when in fact it's the opposite. This just comes down to it not being like Morrowind so it's bad...
That is an example of how there can be more customization in Skyrim then there was in the past with spellcrafting.
As for you being the "most powerful mage to walk Tamriel" doesn't mean you can make your own spells. You could know how to use a computer better than anyone else in the entire world but it doesn't mean you know how to build one. See what I'm getting at? There is a difference of being good at using something and being able to create something.